YOUR BENEFIT SUMMARY YOUR BENEFIT SUMMARY

Transcription

1 YOUR BENEFIT SUMMARY YOUR BENEFIT SUMMARY BeneFlex DuPont Pension Employee Health and Insurance and Retirement Benefits Plan September July

2 About This Summary This Summary Plan Description (SPD) provides a concise description of the DuPont Pension and Retirement Plan (the Plan). This summary is intended to help you understand your benefits, how the Plan operates, how to file claims, and your rights and responsibilities as a participant. While this summary contains detailed and important information about your retirement benefits, we ve tried to make it clear and easy to understand. To receive retirement benefits, you will need to satisfy the requirements that are described in this summary. This summary does not describe every feature in the Plan and it is not intended to be a full statement of the official plan document. In the event of a discrepancy between this summary and the official plan document, the official plan document will govern, and the Benefit Plans Administrative Committee and the Benefit Plan Appeals Committee have, as applicable, the full discretion to interpret and apply the provisions of the plan document. While E. I. du Pont de Nemours and Company (DuPont) intends to continue the Plan described in this summary, DuPont reserves the right to change, modify or discontinue the Plan at its discretion at any time. If the Plan is terminated, you will not lose any vested benefits you have earned to that point and, to the extent required by law, all participants will become fully vested in their accrued benefits. The Plan Administrator will direct the distribution of the Plan s assets to provide benefits under the Plan as prescribed by law. This summary does not constitute a contract of employment or guarantee any particular benefit.

3 YOUR BENEFIT SUMMARY DuPont Pension and Retirement Plan SEPTEMBER 2018 The DuPont Pension and Retirement Plan (the Plan) is a defined benefit plan that s designed to work together with your Social Security benefits, DuPont Retirement Savings Plan benefit, personal savings and any other retirement income you may have to help secure your financial future. Your benefits under the Plan depend on which Title, or Titles, of the Plan apply to you. See How the Titles Generally Work on page 5 for general principles on how pension plans work; and then See the list of Titles under The Plan s Six Titles on page 4 to determine the Title or Titles that apply to you. Once you know the Title that applies to you, review that Title s section for details on your benefits. Generally, your benefit will be determined in accordance with the provisions of the Plan in effect on the date you terminated. Essential Information In addition to the Title sections and the How the Titles Generally Work on page 5, be sure to see the "Administrative Information" section, on page 81. Questions? If you have questions about the Plan after reviewing this summary, contact the applicable pension benefit administrator for your Title, listed in Contacts on page 86. CONTENTS AT A GLANCE How This Summary Is Organized... 4 How the Titles Generally Work... 5 Title I DuPont Benefits Title III Sentinel Benefits Title IV Pioneer Benefits Title V ChemFirst Benefits Title VI Danisco Benefits Title VII Solae Benefits Administrative Information Contacts September 2018 U.S. Benefits / 3

4 How This Summary Is Organized This summary describes the provisions of the DuPont Pension and Retirement Plan (the Plan). The Plan has different provisions for different groups of participants. These different provisions are covered in Titles of the Plan. Common Provisions Although there are some different provisions for each of the six Titles, there are many things the Titles have in common. The How the Titles Generally Work section, starting on page 5, describes provisions common to all Titles of the Plan. The six sections after How the Titles Generally Work describe the provisions for each Title. After describing the Title-specific provisions, this summary includes a common section on Administrative Information on page 81 and a Contacts summary on page 86. The Plan s Six Titles The provisions applicable to the Company that hired you will generally apply to you and are described in your Title. For example: If you were employed by DuPont or one of its affiliate companies, your benefit provisions are under Title I DuPont Benefits. If you were employed by Danisco USA, Inc. or one of its affiliate companies, your benefit provisions are under Title VI Danisco Benefits. For a list of the currently participating employers for each Title, please refer to that Title. No Title II As you can see, there is no currently applicable Title II. At one time, there was a Title II. DuPont is not reusing this name to avoid confusion. If pension assets from a plan sponsored by an acquired company or a company affiliated with DuPont were transferred into this Plan, any protected benefits, rights and features of the prior plan will be preserved by this Plan. If the acquired company did not transfer pension assets to this Plan, and your service with the acquired company is recognized for purposes of your Plan benefit, your benefit will be reduced (offset), if necessary, to avoid any duplication of benefits. If you have questions about the calculation of your benefit, please contact the applicable pension benefit administrator for your Title, listed in Contacts summary on page 86. Note: Rules for employees who transfer between the Companies have changed over the years and certain exceptions to the provisions stated here may apply. Title I DuPont Benefits, starting on page 10. Title III Sentinel Benefits, starting on page 29. Title IV Pioneer Benefits, starting on page 38. Title V ChemFirst Benefits, starting on page 48. Title VI Danisco Benefits, starting on page 59. Title VII Solae Benefits, starting on page 70. September 2018 U.S. Benefits / 4

5 How the Titles Generally Work The DuPont Pension and Retirement Plan is a defined benefit plan. This type of plan is designed to provide you with monthly income starting when you retire. In some cases, all or a portion of your benefit can be paid in one lump sum, rather than as a monthly benefit. Your pension is determined by a formula that takes into account a number of factors, such as your pay and your years of service. Your service also determines whether you are vested, meaning that you have a right to your benefit even if your employment ends. There are different times when you can receive your pension. If you start your pension earlier or later than the Normal Retirement date specified in the Plan, your benefit may be adjusted to account for the fact that it is expected to be paid for a longer or shorter period of time. Your Spouse or other beneficiary may be eligible to receive a survivor benefit from the Plan, if you die before or while receiving benefits. Eligibility Generally, you are eligible to participate in the Plan if you met the criteria for eligibility for your Title and you were hired before your Title was closed to new participants. Eligible employees don t need to complete an application to participate enrollment is automatic. See the eligibility section in your Title for more information. How Your Benefit Is Determined Your pension benefit is calculated using a number of factors that are specific to you and the payment option you choose for your retirement benefit. The calculation may consider your: pay; number of years of service with the Company; age at termination of your employment; and age at commencement of your benefit. In addition, federal laws govern how plans pay benefits and certain laws may affect your benefit. See your Title for complete information about how your benefit is determined. Uniformed Services Employment and Reemployment Rights Act of 1994 If you leave your job for active military service with one of the branches of the United States military, you may be entitled to reemployment rights under the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended. This means the time while you are on military service may be treated as service to the Company if you return to your job within the time limits set by law. Leaves of absence for military service are also covered under this Act. As a result, you can continue to earn credit for vesting and eligibility purposes and for calculating your benefit. In addition, the Plan will consider Company earnings that you would have received had you not been on a leave of absence for military service. September 2018 U.S. Benefits / 5

6 HOW THE TITLES GENERALLY WORK Federal Limits Federal law limits the benefits the Plan pays. These limitations generally affect only highly paid employees. For 2018, the pay that the Plan can consider in determining benefits is limited to $275,000 and the maximum annual benefit payable from the Plan is $220,000. These are IRS limits that are adjusted from time to time for cost-of-living, so the limits were different in the past and will change in future years. Top-Heavy Rules Retirement plans like this one are subject to a variety of rules and regulations. The top-heavy rules require that the Plan be periodically tested, to ensure the Plan is not favoring company owners and executives, or Key Employees. To pass this test, the Plan must be able to prove that no more than 60% of the total benefits provided by the Plan are going to Key Employees. If the test shows that more than 60% of these benefits are accruing to these Key Employees, the Plan generally is considered to be top-heavy. If the Plan becomes top heavy, the rules require the Plan to provide certain non-key Employees with a minimum benefit level. The amount of that minimum benefit will depend on your compensation (as defined by the top-heavy rules) and Years of Vesting Service. The Plan is not expected to be top heavy. When Your Benefit Can Be Paid Your benefit becomes yours when you satisfy the Plan s vesting requirements. Vesting means that you have a nonforfeitable right to your vested benefit. Being vested does not mean that you can receive your benefit as soon as you are vested. The Plan has specific rules about when benefits can be paid, including a defined normal retirement date or age. If you meet certain requirements, you can receive your benefit earlier than the Normal Retirement date. Vesting Generally, you become vested after five years of service with the Company. In some cases, you can become vested sooner, such as if you meet certain age requirements. See your Title for more information about the vesting rules that apply to you. Normal Retirement In general, you can begin to receive your vested benefit when you reach age 65 and meet the years of service requirement for your Title. See your Title for details about Normal Retirement benefits. Early Retirement If you meet certain requirements, generally based on your age and service, you can begin receiving your pension benefit before the Normal Retirement date, often as early as age 50 or 55, depending on your Title. If you take your benefit early, the benefit may be reduced to reflect the fact that payments are starting earlier than your Normal Retirement date and that you ll be receiving payments over a longer period of time. See your Title for details about Early Retirement benefits. Late Retirement If you continue to work for the Company past your Normal Retirement age, you will continue to accrue benefits under the Plan until the earlier of your actual retirement date and the Benefit Freeze Date. If you work past the date you are required to commence benefits, (following attainment of age 70½), your benefit may also be actuarially adjusted. Your pension payments will commence immediately following your termination of employment. When Your Employment Ends When you leave the Company, you may not be able to receive your vested benefit right away. See your Title for details about the earliest date you can begin receiving your pension benefit. September 2018 U.S. Benefits / 6

7 HOW THE TITLES GENERALLY WORK Automatic Cashouts Benefits Worth $1,000 or Less If your employment with the Company, or any other related company, has terminated and the total present value of your vested pension benefit is $1,000 or less, the Plan will automatically pay you your entire benefit in one lump sum. The payment will be made as soon as administratively possible after your employment ends and your benefit has been determined to be worth $1,000 or less. The Plan does not need consent from you or your Spouse to pay benefits in these circumstances. Automatic Cashouts or Rollovers Benefits Worth $5,000 or Less In most cases, if the total present value of your vested pension benefit is more than $1,000 but less than or equal to $5,000, you have several choices: You can take all of your benefit paid to you in one lump sum; You can roll the benefit over to another eligible plan, such as an Individual Retirement Account (IRA) or a qualified retirement plan (such as a 401(k) plan); or You can take part of your benefit as a lump sum paid to you and the remainder rolled over into another eligible plan. If you don t make a choice, the Plan Administrator will automatically create an IRA for you with a provider of its choice and will roll your benefit over to that IRA. If your benefit is rolled over to an IRA, it is no longer part of the Plan or any Company plan. If You Are Rehired After Plan Payments Start Generally, if you re rehired by the Company within 12 months of the date of your most recent termination and after your pension payments have begun, your payments will be suspended while you are re-employed. When your reemployment ends, your pension payments will resume. Depending on the date you re rehired, your benefit may be re-calculated to reflect your age at the subsequent termination and your additional service and pay as of the earlier of your subsequent termination or the Benefit Freeze Date. How Your Benefit Is Paid Normal Payment Forms In the same way that pension plans have normal retirement dates, they also have normal forms of payment. There will generally be two normal forms of payment: The normal form for participants who are not married is typically a single life annuity. This form of payment pays a monthly benefit to you as long as you live. No benefits are payable after you die. The normal form for participants who are married is typically a joint and survivor annuity. This form of payment pays a monthly benefit to you as long as you live. When you die, if your Spouse is still alive, your Spouse receives a monthly benefit as long as he or she is alive, usually as a percentage of the benefit paid to you. Generally, no benefits are payable after your surviving Spouse dies, and no benefits are payable after your death if your Spouse has already died. If you are married and you want to take a single life annuity or another optional form of payment, as described below, federal law requires that you get your Spouse s notarized consent. See your Title for more information on the normal and optional forms of payment that are available to you. September 2018 U.S. Benefits / 7

8 HOW THE TITLES GENERALLY WORK Optional Payment Forms In addition to the normal forms of payment, the Plan offers optional payment forms. These vary by Title and can include annuities where the person who continues to receive a benefit after you die is someone other than your Spouse. There may also be annuities that pay a benefit for a certain number of years, even if you and your Spouse or beneficiary do not live for the entire period. And some Titles include payment forms that coordinate benefits with Social Security benefits to provide, to the extent possible, a consistent monthly benefit before and after Social Security benefits begin. There may also be lumpsum payment forms. See your Title for more information on the normal and optional forms of payment that are available to you. Lump Sums and Highly Compensated Employees Under certain circumstances, participants who are defined by federal law as highlycompensated employees may not be allowed to receive their pension benefits as a lump sum, even if the Title offers a lump-sum option. Also, if the Plan doesn t meet certain funding thresholds, all participants may be restricted from receiving lump-sum payment of their entire benefit. You ll be told if lump-sum restrictions are in place when you are choosing how you want your benefit paid. Keep Your Address Up to Date! If you fail to notify the Plan Administrator of your address, the Plan may not be able to pay all or some of the benefits. If the Plan Administrator, after making reasonable efforts, cannot locate you (or your surviving Spouse or other beneficiary, if you have died) at the time that benefits become payable, your benefits will be held in the Plan until the proper payee can be located. Failure to commence your distributions when required or interruptions in your scheduled payments may cause you to be liable for federal excise taxes. The same tax penalties may apply if your Spouse or other beneficiary fails to commence distribution within a certain period of time after your death or fails to receive scheduled payments. You are responsible for keeping the Plan Administrator supplied with current address information. See Contacts on page 86 for information on how to notify the Plan Administrator of a change in your address. Naming a Beneficiary Your beneficiary is the person who receives Plan survivor benefits, if any, when you die. Generally, you name your beneficiary at the time you complete your request to commence your benefit. In most cases, once benefits begin, you cannot change your beneficiary designation. Your Spouse is typically your beneficiary. If you re not married, your benefit is generally payable for your life only. In some cases, survivor benefits can be made payable to a non- Spouse beneficiary, whether you re married or not. If you re married and elect a non-spouse beneficiary, you may need to get your Spouse s consent in writing. See the rules for survivor benefits in your Title for more information. How Your Benefits Are Taxed The pension benefits you (or your beneficiary) receive from the Plan are generally taxable as regular income in the year you receive them. Withholding for federal and state income taxes will be applied to your benefit payments unless you notify the Plan Administrator that you do not want them withheld. Different rules may apply for income tax withholding for certain states or territories, or for benefits paid to residents outside of the U.S. Lump-sum payments are also taxed as regular income. Generally, federal law requires the Plan to withhold 20% of the benefit when a lump sum is paid, unless you elect a direct rollover of your benefit to an Individual Retirement Account (IRA) or a qualified retirement plan. If you are eligible for a lump-sum payment, you will receive a Special Tax Notice Regarding Plan Payments in your retirement kit with an explanation of your rollover rights. September 2018 U.S. Benefits / 8

9 HOW THE TITLES GENERALLY WORK Applying to Receive Your Benefits When you are ready to start your pension payment, you must apply to receive your benefit. Each Title has a specific pension benefit administrator. Contact your pension benefit administrator up to 90 days before you want your pension payment to start. You ll receive a retirement kit explaining the application process and containing the application materials. If you delay contacting the administrator or completing your application, the start date for your payments may be delayed. If you don t complete your application before your retirement kit expires, you ll have to request another kit with a new (later) pension payment start date, and you will not receive back payments. See Contacts" on page 86 for the list of pension benefit administrators. Common Defined Terms These terms are capitalized throughout this summary. In this section, you will find the definitions for these terms to help clarify their meaning and to provide information to better help you understand the provisions of the Plan. BENEFIT FREEZE DATE The Benefit Freeze Date is November 30, No benefits will accrue under the Plan after that date. Note however, benefits under Title III stopped accruing after June 30, DUPONT AND THE COMPANY Where we use DuPont in this summary, we mean E. I. du Pont de Nemours and Company. Where we refer to the Company in this summary, we mean the DuPont affiliated organization that has adopted or participates in the Plan and employs you. SPOUSE Your Spouse is the person to whom you are legally married. September 2018 U.S. Benefits / 9

10 Title I DuPont Benefits SECTION CONTENTS Eligibility and Enrollment Who Is Eligible Who Is Not Eligible Participating Employers Transfer to an Affiliated Company How Your Benefit Is Determined Your Service Your Pay Calculating Your Benefit When Your Benefit Is Paid Normal Retirement Early Retirement Optional Retirement at Involuntary Termination Incapability Retirement Late Retirement Vested Deferred Benefits Survivor Benefits How Your Benefit Is Paid Pension Benefit without Spouse Benefit Option Pension Benefit with Spouse Benefit Option Post-Retirement Joint and Survivor Option Income Leveling Option Vested Deferred Benefits Lump Sum September 2018 U.S. Benefits / 10

11 TITLE I DUPONT BENEFITS Eligibility and Enrollment If eligible, you were automatically enrolled in the Plan on the first day of your employment. Who Is Eligible You are eligible to participate in Title I of the DuPont Pension and Retirement Plan if you were hired or rehired by DuPont or a participating employer, on or before December 31, 2006, and are not otherwise excluded. The Plan is now closed to new hires and rehires. If you were classified as a Limited Service Employee (LSE), you may be eligible for a Vested Deferred benefit under Title I. See Vested Deferred Benefits on page 20 for more information. After December 31, 2007, you stopped earning benefits under the Plan. However, if prior to January 1, 2007 your employment classification changed to Full Service Employee (FSE), you could have become eligible for Normal, Early, Late, or Optional Title I retirement benefits. Who Is Not Eligible The following classes of employees are not eligible to participate in Title I of the Plan: Employees hired or rehired by DuPont or a participating employer on or after January 1, Leased employees. Union employees, except to the extent that the applicable collective bargaining agreement provides for participation in the Plan. What Is an FSE or LSE An FSE is any person designated by the Company as a full-time employee who works at least 20 hours per week on a regular basis. An LSE is any person designated by the Company as a temporary or part-time employee who is employed either (1) on a temporary basis for less than one year or (2) on a part-time basis for no more than 1600 hours in any 12-consecutive month period. Individuals on temporary assignment from a foreign affiliate where such assignment is expected to last less than three years. Participating Employers You are eligible to participate in the Plan if you were employed by any of the following participating employers before January 1, E. I. du Pont de Nemours and Company, Inc. DuPont Electronics Microcircuits Industries Inc. (DEMI) Transfer to an Affiliated Company If you are an eligible participant in Title I and transfer to a Company that participates in another Title within the Plan on or after the date specified below, you continue to participate and earn benefits under Title I for as long as such Company is affiliated: Title III (Sentinel) January 1, 2012 Title IV (Pioneer) January 1, 2012 Title V (ChemFirst) January 1, 2009 Title VI (Danisco) January 1, 2012 Title VII (Solae) January 1, 2013 If your transfer occurred before the dates listed above, there may be different rules in effect for your eligibility for benefits under Title I. Contact DuPont Connection for more information. Questions About Which Title Covers You? If you have transferred between two or more affiliated companies and don t know which Title within the Plan provides your pension benefit, contact DuPont Connection by calling September 2018 U.S. Benefits / 11

12 TITLE I DUPONT BENEFITS How Your Benefit Is Determined Your Service Your service, as described in this section, determines when you become vested in Title I, the amount of your Title I pension benefit, and your eligibility for earning a Normal, Early, Optional, Late or Vested Deferred benefit. HOW SERVICE IS DETERMINED For FSEs, length of service is continuous service that is, the time elapsed since your date of hire (or rehire) including any prior service which has been credited or restored. Remember, if you were rehired on or after January 1, 2007, the time elapsed since your rehire date is not included. In addition, if you were first hired on or after January 1, 2007, you do not participate in this Title of the Plan. For LSEs, length of service is determined by actual time worked based on hours worked in each computation period. If you were first hired prior to January 1, 1998, your computation period is changed from a consecutive 12-month period beginning the later of January 1, 1976 or your date of hire (or rehire) and each succeeding anniversary of such date to the calendar year beginning January 1, If you were first hired January 1, 1998 or later, your computation period was initially the consecutive 12-month period beginning at your date of hire and then it changed to the calendar year beginning with the calendar year that includes the anniversary of your date of hire. Employees who were classified as LSEs do not earn any additional benefits after December 31, If You Were Rehired If you leave the Company and are later rehired, you may incur a break in service which could affect the amount of your benefit. See If You Were Rehired on page 13 for more information. Vesting Service When you become vested, your right to a Title I pension benefit can t be taken from you. Generally, an FSE is vested after completing five years of continuous service based on elapsed time. For LSEs, every time you work at least 1,000 hours in your 12-month computation period, you receive credit for a year of vesting service and become vested once you receive credit for five years. Benefit Service Benefit Service is important for the purpose of calculating your benefit. This is the amount of service used in the Title s benefit formulas. Only service through the Benefit Freeze Date is used for this purpose. For FSEs, Benefit Service is determined by the length of time that has elapsed since your date of hire (or rehire) including any prior service which has been credited or restored. LSEs were credited with Benefit Service based on hours worked during a 12-month computation period, with a minimum of 1,000 hours required to accrue any Benefit Service and with at least 2,055 hours to receive credit for a full year of Benefit Service. After December 31, 2007, employees who were classified as LSEs do not earn any additional Benefit Service. See the Calculating Your Benefit on page 14 for a description of how Benefit Service is used in the calculation of your benefit. Eligibility Service Your Eligibility Service determines the type of benefit you are eligible to receive and also when you are earliest eligible to receive it. For example, if you are an FSE and have 15 years or more of service and you are at least age 50 when you terminate employment, you are eligible for an Early Retirement benefit. If you have 15 years or more of service but you are not yet age 50 when you terminate employment, you are eligible for a Vested Deferred benefit. LSEs are only eligible for Vested Deferred benefits and are not eligible for retirement benefits, no matter how many years of service they have earned. September 2018 U.S. Benefits / 12

13 TITLE I DUPONT BENEFITS Break in Service The Company has continuity-of-service rules to determine how employment interruptions called a break in service affect your pension. The wording of these rules governs; however, the following highlights provide a general understanding of how they work. You do not have a break in service for periods when you are away from work for: excused absences of no more than 16 consecutive days; occupational or non-occupational disability; vacation; approved leave for temporary duties outside the Company; annual training with the Reserve forces or National Guard; active military service and training as required by applicable law; voluntary leave of absence to save another employee s job at a site where there are excess employees for a temporary period; or leave of absence with full or partial pay. You have a break in service for any 12-month computation period in which you are credited with less than 501 hours of service. If you have a break in service, your prior service is restored and your service date is adjusted accordingly when you are rehired, provided you are rehired before January 1, For certain family leaves beginning on or after January 1, 1985, you are credited with up to 501 hours in a computation period to avoid a break in service. If You Were Rehired If You Were Rehired Before January 1, 2007 If you left DuPont or a participating employer and were later rehired before January 1, 2007, you once again began earning additional service for vesting, eligibility, and benefit accrual purposes. When you terminate, your benefit will be based on your total service with the Company as of the Benefit Freeze Date. If you had begun receiving Plan benefit payments, see If You Are Rehired After Plan Payments Start on page 7 for more information. And, if you had elected Income Leveling, your benefit may need to be adjusted. If you previously ended your employment with the Company because of a divestiture or other situation where your pension assets were transferred to another pension plan, your final DuPont benefit will be calculated using both periods of service with DuPont but will contain an offset. The reduction (offset) is in recognition of the fact that you will receive a benefit from the plan to which assets were transferred for your service prior to the divestiture. Contact DuPont Connection at for details about your benefits under the Plan. If You Were Rehired on or After January 1, 2007 If you leave DuPont or a participating employer and are later rehired on or after January 1, 2007, you will not become a Plan participant again and you will not earn any additional benefit or eligibility service or benefits under the Plan. When you subsequently retire or terminate employment, your benefit will continue to be based only on your service prior to rehire. If you had begun receiving Plan benefit payments prior to your rehire, your pension payments may be suspended as noted in If You Are Rehired After Plan Payments Start on page 7. And, if you had elected Income Leveling, your benefit may need to be adjusted. September 2018 U.S. Benefits / 13

14 TITLE I DUPONT BENEFITS Your Pay To calculate your benefit, the Plan considers your Pay, which, in general, includes your: monthly salary and wages; overtime pay (certain types); pay for excused time off; Short-Term Incentive Plan (STIP) pay; Local Performance-Based Compensation (LPBC); and Sales Incentive. Certain types of Pay are excluded: awards or payments under special compensation plans (other than those mentioned above); severance; relocation payments or other special payments; Your Pay and Your W2 In most cases, your Pay that is considered under the Plan will not match the taxable wages reported to the IRS on your W2 form. Note, that Short-Term Incentive Pay, Local Performance-Based Compensation and Sales Incentives are considered as Pay for the time period that the Pay is earned, not when the Pay is received. payments under a Gain Sharing plan; payments for un-used vacation; pay in excess of legally restricted amounts; and pay earned after the Benefit Freeze Date. Calculating Your Benefit Your benefit at retirement will be calculated using the Title I provisions described in this section. Three formulas are used to determine your Title I benefit: Formula A; Formula B; and Formula C. Your benefit will be calculated using the greatest of the three formulas. TERMS TO KNOW PRIMARY SOCIAL SECURITY BENEFIT (PSSB) Your Primary Social Security Benefit (PSSB) is used to calculate your Formula B benefit and is an estimate of what you are likely to receive from Social Security at the later of age 62 or your age when you terminate employment but uses only your earnings with the Company through the earlier of your termination or the Benefit Freeze Date. While Formula B uses your PSSB to calculate your benefit, this calculation does not change or in any way impact the Social Security benefit you actually receive from the government. In fact, your actual Social Security benefit may be higher if you worked somewhere else prior to joining the Company or if you have significant additional earnings after the Benefit Freeze Date. Once your benefit is determined at retirement, termination, or the Benefit Freeze Date, any future increases in Social Security will not change your benefit. You have the right to supply documentation of your actual earnings from the Social Security Administration within 30 days following the later of the date you leave the Company and the date you received a Statement of Accrued Benefit. Actual benefits calculated or paid by Social Security are not considered by the Plan. Using actual earnings can increase or decrease your PSSB. September 2018 U.S. Benefits / 14

15 TITLE I DUPONT BENEFITS AVERAGE MONTHLY COMPENSATION Your Average Monthly Compensation is the greater of: High 36-Month method the average of your monthly Pay during your highest-paid 36 consecutive months; or High 3-Year method your average Pay for each calendar year is ranked, from highest to lowest, and the highest years (partial years included) that total the equivalent of three complete years are averaged. For example, consider Bob Brown, who is retiring at the end of 2020 at age 65 with 30 years of service. Since Bob s Pay after the Benefit Freeze Date (November 30, 2018) doesn t count toward determining his Title I benefit, it s excluded from his Average Monthly Compensation. The calendar years representing Bob s highest monthly Pay before the Benefit Freeze Date are 2015, 2016, 2017, and His Average Monthly Compensation, using the High 3-Year Method is $5,872.36: Year Average Monthly Pay Months Considered Considered Earnings 2015 $5,700 1 $5, $5, $69, $5, $70, $5, $65, Total 36 $211, Average Monthly Compensation $5, This example assumes the High 36-Month method produces the same Average Monthly Compensation. FORMULA A Formula A uses your years of Benefit Service, Average Monthly Compensation as of your termination date or the Benefit Freeze Date, if earlier, and a multiplier percentage. [1.2% Benefit Service through December 31, 2007 Average Monthly Compensation] Plus [0.4% Benefit Service from January 1, 2008 through the Benefit Freeze Date Average Monthly Compensation] FORMULA B Formula B uses your years of Benefit Service, Average Monthly Compensation as of your termination date or the Benefit Freeze Date, if earlier, and a higher multiplier percentage than Formula A and includes consideration of your PSSB. [(1.5% Benefit Service through December 31, 2007 Average Monthly Compensation) Minus (50% PSSB Benefit Service through December 31, 2007 Total Benefit Service through Benefit Freeze Date)] Plus [(0.5% Benefit Service from January 1, 2008 through the Benefit Freeze Date Average Monthly Compensation) Minus (16.67% PSSB Benefit Service from January 1, 2008 through the Benefit Freeze Date Total Benefit Service through the Benefit Freeze Date)] September 2018 U.S. Benefits / 15

16 TITLE I DUPONT BENEFITS FORMULA C Formula C was frozen on December 31, 2007 and establishes the minimum available benefit under this Title. This formula uses a dollar multiplier, your frozen Benefit Service through December 31, 2007, and a percentage of your Average Monthly Compensation as of December 31, For Benefit Service of 15 years or Greater as of December 31, 2007 ($9 Benefit Service through December 31, 2007) + (10% Average Monthly Compensation as of December 31, 2007) For Benefit Service of Less than 15 Years as of December 31, 2007 ($9 Benefit Service through December 31, 2007) + (2/3% Benefit Service through December 31, 2007 Average Monthly Compensation as of December 31, 2007) RETIREMENT BENEFIT EXAMPLES The following examples show how an unreduced retirement benefit is calculated under the Plan. These examples do not take into account survivor benefits (see How Your Benefit Is Paid on page 24). The survivor benefit option chosen may decrease the monthly benefit payment shown. In addition, if you retire early, your benefit may be reduced (see Early Retirement on page 18). Example 1 Consider John Austin, who continued to work for the Company after the Benefit Freeze Date: Retirement date December 31, 2020 Age at retirement 62 Years of service at retirement 32 Years of Benefit Service on November 30, 2018 (the Benefit Freeze Date) Years of Benefit Service on December 31, Years of Benefit Service January 1, 2008 to November 30, 2018 (Benefit Freeze Date) Average Monthly Compensation on November 30, 2018 (Benefit Freeze Date) $7,000 Average Monthly Compensation on December 31, 2007 $5,950* PSSB (based on Company earnings) * This will be used to calculate the Formula C benefit, which was frozen as of December 31, Formula A [1.2% 19 $7,000] + [0.4% $7,000] = $1, $1,700 per month Formula B Formula C [(1.5% 19 $7,000) (50% $1, )] + [(0.5% $7,000) (16.67% $1, )] = $1, ($9 19) + (10% $5,950) = $ In John s case, Formula A provides the highest pension benefit. Because of John s age and service, he s eligible for an unreduced retirement benefit that is, a benefit that is not reduced to account for early payments of $1,901.67, which is rounded up to $1,902 per month for life. September 2018 U.S. Benefits / 16

17 TITLE I DUPONT BENEFITS Example 2 Consider Sarah Gladstone, who retired before the Benefit Freeze date: Retirement date June 30, 2014 Age at retirement 65 Years of Benefit Service at retirement 21.5 Years of Benefit Service on December 31, Years of Benefit Service January 1, 2008 to June 30, Average Monthly Compensation on June 30, 2014 $5,000 Average Monthly Compensation on December 31, 2007 $4,550* PSSB (based on Company earnings) $820 per month * This will be used to calculate the Formula C benefit, which was frozen as of December 31, Formula A [1.2% 15 $5,000] + [0.4% 6.5 $5,000] = $1, Formula B Formula C [(1.5% 15 $5,000) (50% $ )] + [(0.5% 6.5 $5,000) (16.67% $ )] = $ ($9 15) + (10% $4,550) = $ In Sarah s case, Formula A provides the highest pension benefit. Because of Sarah s age and service, she s eligible for an unreduced, Normal Retirement benefit of $1,030 per month for life. Example 3 Consider Al Stevens, who retired at age 62, before the Benefit Freeze Date: Retirement date April 30, 2013 Age at retirement 62 Years of Benefit Service at retirement 25 Years of Benefit Service on December 31, Years of Benefit Service from January 1, 2008 to April 30, Average Monthly Compensation on April 30, 2013 $10,500 Average Monthly Compensation on December 31, 2007 $9,825* PSSB (based on Company earnings) $1,391 per month * This will be used to calculate the Formula C benefit, which was frozen as of December 31, Formula A [1.2% $10,500] + [0.4% $10,500] = $2, Formula B Formula C [(1.5% $10,500) (50% $1, )] + [(0.5% $10,500) (16.67% $1, )] = $2, ($ ) + (10% $9,825) = $1, In Al s case, Formula B provides the highest pension benefit. Al receives a benefit rounded up to $2,781 per month from the Plan because he s eligible for an unreduced Early Retirement benefit. September 2018 U.S. Benefits / 17

18 TITLE I DUPONT BENEFITS When Your Benefit Is Paid Once eligible, you can choose when you want to retire and begin receiving your pension benefit. Your benefit will vary depending on how long you work and at what age your Title I benefits begin. Normal Retirement You are eligible for a Normal Retirement benefit at age 65 if you are an FSE and you have at least 15 years of Eligibility Service. See How Your Benefit Is Paid on page 24 for more information about your payment options. If You Are an LSE Refer to Vested Deferred Benefits on page 20 for information about the Title I benefit you are eligible to receive. Early Retirement You are eligible for a reduced Early Retirement benefit if you are an FSE and you are at least age 50 and have at least 15 years of Eligibility Service. In addition, you are eligible for an unreduced Early Retirement benefit if you begin payments between ages 58 and 65 and your age and service add up to 85 or more; otherwise, you can retire with a reduced pension. The chart below shows the percentage of your benefit that you will receive, based on your age when benefits begin and your years of eligibility service as of your termination date. For example, if you terminate employment at age 60 with 23 years of eligibility service and are entitled to a benefit of $1,000 per month, payable at age 65, you would receive 90% of your benefit or $900 a month if you began taking payments at age 60. However, if you wait until age 62 to start your pension, you would be entitled to an unreduced benefit, or the full $1,000 per month. Age When Benefit Payments Begin % 64 95% 100% If You Have This Many Years of Eligibility Service and over This Is the Percentage of Your Benefit That You Will Receive 63 90% 95% 100% 62 85% 90% 95% 100% 61 80% 85% 90% 95% 100% 60 75% 80% 85% 90% 95% 100% 59 70% 75% 80% 85% 90% 95% 100% 58 65% 70% 75% 80% 85% 90% 95% 100% 57 60% 65% 70% 75% 80% 85% 90% 95% 56 55% 60% 65% 70% 75% 80% 85% 90% 55 50% 55% 60% 65% 70% 75% 80% 85% 54 50% 50% 55% 60% 65% 70% 75% 80% 53 50% 50% 50% 55% 60% 65% 70% 75% 52 50% 50% 50% 50% 55% 60% 65% 70% 51 50% 50% 50% 50% 50% 55% 60% 65% 50 50% 50% 50% 50% 50% 50% 55% 60% The reduction percentage for age and Eligibility Service years that are not whole years will be interpolated, meaning that partial reductions will apply for partial years. September 2018 U.S. Benefits / 18

19 TITLE I DUPONT BENEFITS If eligible, your Early Retirement benefit can begin on the first day after your employment ends. In addition to deciding when to receive your pension, you have choices in how it will be paid to you. See How Your Benefit Is Paid on page 24 for more information about your payment options. Optional Retirement at Involuntary Termination If your employment ends because of an involuntary termination (for reasons other than dishonesty, insubordination, or other misconduct), you may be eligible for Optional Retirement if you are an FSE and you are over age 50 with at least 15 years of Eligibility Service. If you re terminated involuntarily due to lack of work and have at least 25 years of Eligibility Service, you may be eligible for Optional Retirement as early as age 45. The 25-year service requirement is reduced by two years for each year past your 45 th birthday, as follows: Age or older 15 Required Service If you are eligible for a pension due to an involuntary termination as described above, the chart below shows the percentage of your benefit that you will receive, based on your age when benefits begin and your years of eligibility service. For example, if you are entitled to a benefit of $1,000 per month, payable at age 65, and you have 20 years of service, you would receive 90% of your benefit or $900 a month if you began taking payments at age 61 instead of waiting until age 65. If you wait until you are age 65, you would then be entitled to an unreduced benefit. The chart below is used to determine the percentage of pension you can receive in the event of an involuntary termination described above. Age When Benefit Payments Begin If You Have This Many Years of Eligibility Service This Is the Percentage of Your Benefit That You Will Receive % 100% 100% 100% 100% 100% 64 95% 95% 95% 95% 95% 97.5% 100% 63 90% 90% 90% 90% 92.5% 95% 97.5% 100% 62 85% 85% 85% 87.5% 90% 92.5% 95% 97.5% 100% 61 80% 80% 82.5% 85% 87.5% 90% 92.5% 95% 97.5% 100% 60 75% 77.5% 80% 82.5% 85% 87.5% 90% 92.5% 95% 97.5% 100% % 75% 77.5% 80% 82.5% 85% 87.5% 90% 92.5% 95% 97.5% 100% 58 70% 72.5% 75% 77.5% 80% 82.5% 85% 87.5% 90% 92.5% 95% 97.5% 100% % 70% 72.5% 75% 77.5% 80% 82.5% 85% 87.5% 90% 92.5% 95% 95% 56 65% 67.5% 70% 72.5% 75% 77.7% 80% 82.5% 85% 87.5% 90% 90% 90% % 65% 67.5% 70% 72.5% 75% 77.5% 80% 82.5% 85% 85% 85% 85% 54 60% 62.5% 65% 67.5% 70% 72.5% 75% 77.5% 80% 80% 80% 80% 80% % 60% 62.5% 65% 67.5% 70% 72.5% 75% 75% 75% 75% 75% 75% 52 55% 57.5% 60% 62.5% 65% 67.5% 70% 70% 70% 70% 70% 70% 70% % 55% 57.5% 60% 62.5% 65% 65% 65% 65% 65% 65% 65% 65% September 2018 U.S. Benefits / 19

20 TITLE I DUPONT BENEFITS Age When Benefit Payments Begin If You Have This Many Years of Eligibility Service This Is the Percentage of Your Benefit That You Will Receive 50 50% 52.5% 55% 57.5% 60% 60% 60% 60% 60% 60% 60% 60% 60% % 55% 55% 55% 55% 55% 55% 55% 55% 55% 55% 48 50% 50% 50% 50% 50% 50% 50% 50% 50% 47 45% 45% 45% 45% 45% 45% 45% 46 40% 40% 40% 40% 40% 45 35% 35% 35% Incapability Retirement Incapability Retirement is no longer available if you become disabled on or after January 1, If you re currently receiving an Incapability Retirement benefit, and you re awarded Social Security Disability benefits, you must notify DuPont Connection immediately at If you continue to receive incapability supplements because of a delay in notifying DuPont Connection, you will be required to repay the overpayment. More information on disability income resources can be found in the disability benefits summary, Disability Benefits. Late Retirement If you continue working after reaching age 65, your benefit payments won t start until you actually retire. At retirement, your benefit will reflect your Benefit Service and Average Monthly Compensation as of your termination date (or the Benefit Freeze Date, if earlier). Vested Deferred Benefits If you leave the Company after you become vested, but before you are eligible to retire, you are entitled to a Vested Deferred pension benefit. It is called vested because you have a nonforfeitable right to your pension benefit, and deferred because payment of the pension is generally postponed until you become eligible to receive benefits and you apply for benefits. You are vested once you complete five years of service if you are an FSE. See Vesting Service on page 12 for more information about how an LSE becomes vested. The age at which you may begin receiving a Vested Deferred pension payment depends on how much Eligibility Service you have when you leave and whether you want a reduced or unreduced pension. If you choose to begin receiving your pension before you are entitled to unreduced benefits (as shown in the chart below), the pension is reduced by 5/12th of 1% for each month before the month you would be entitled to an unreduced benefit. Here is how it works: If You Earned This Many Years of Eligibility Service You Must Be This Age to Receive a Reduced or Unreduced Benefit Reduced Benefit Unreduced Benefit Less than 10 Not available 65 and over 10 through through and over 15 through through and over 30 or more 50 through and over For example, if you leave the Company at age 45 after 24 years of Eligibility Service, you can begin receiving a reduced benefit after reaching age 50 and an unreduced benefit after reaching age 65. September 2018 U.S. Benefits / 20

21 TITLE I DUPONT BENEFITS VESTED DEFERRED BENEFITS EXAMPLE If you begin receiving your pension before you are entitled to a full, unreduced benefit, your benefit will be reduced by 5/12th of 1% for each month before the month you would be entitled to a full, unreduced benefit. Here s how the reduction is calculated, assuming you are age 58 and are eligible to receive an unreduced pension of $600 per month at age 65: Step 1: Number of months before you are eligible for an unreduced pension Reduction Factor % your pension is reduced 84 months 5/12 of 1% = 35% Step 2: Pension Amount Reduction Amount Reduced pension $ % $ = $ = $ $ = $ In this case, you will be eligible for a benefit of $390 per month. If you are eligible for a Vested Deferred pension when you leave the Company, you ll receive a personal statement showing the amount of your benefit, when you re eligible to begin receiving payments, and how to begin receiving payments. Generally, you may choose to start your benefits at any time after you become eligible. You may apply up to 90 days before your requested payment start date. Survivor Benefits A survivor benefit may be available to your Spouse or beneficiary (or beneficiaries) when you die. Survivor benefits may be payable whether or not you are an active employee with the Company at the time of your death. If you have already begun receiving your Title I pension payments, the survivor benefits available depend on the form of payment you elected to receive. See How Your Benefit Is Paid on page 24 for more information. Under federal law, plans like the DuPont Pension and Retirement Plan, are required to make available a benefit for your Spouse. See the Spouse Benefit Option and Spouse Benefit Coverage examples below. If required by a Qualified Domestic Relations Order, your former Spouse may be entitled to be treated as your survivor for purposes of the Spouse Benefit Option and Spouse Benefit Coverage benefits. See Qualified Domestic Relations Orders on page 82. NAMING A SURVIVOR Generally, if you re married, your Spouse is automatically your beneficiary. If you don t want to provide the survivor benefit required by federal law for your Spouse under the Plan, both you and your Spouse must agree to waive this benefit, in writing, when you make your pension elections. If you are not yet planning to start your pension, you can get a waiver from DuPont Connection by calling or visiting Your Spouse s signature on the waiver form must be witnessed by a notary public. If your Spouse can t be located, contact DuPont Connection to get a Missing Spouse Affidavit. If your circumstances change, such as marriage or divorce, you may wish to change your beneficiary designations. Remember to keep your beneficiary information up to date. September 2018 U.S. Benefits / 21

22 TITLE I DUPONT BENEFITS COMPANY-PAID SURVIVOR BENEFIT This benefit was frozen on December 31, This means only Benefit Service and Pay earned before January 1, 2008 will be included in the calculation of the Company-Paid Survivor Benefit. If you are an FSE, have at least 15 years of service, and die while an active employee, survivor benefits are payable after your death to your designated eligible beneficiaries. In addition, if you terminate with a Normal, Early, or Optional pension (or, if prior to January 1, 2015, an Incapability pension), survivor benefits are payable after your death to your designated eligible beneficiaries. Your beneficiary can be: This Benefit Is Available If You are an FSE and you have 15 years of service and die either as an active employee or after you terminate with a Normal, Early, or Optional pension. your Spouse; your Spouse and minor children; your minor children only; or one of your parents or stepparents. For purposes of designating your beneficiary, your minor children include your biological, adopted, and stepchildren under age 21. You may choose all of your children or certain children to be your beneficiary. If you are married, your Spouse is automatically your beneficiary. If you don t want your Spouse to be your beneficiary, your Spouse must agree to waive this right, in writing. You can change your beneficiary designation at any time before your pension payments have begun, however, you may not designate a non-spouse beneficiary until you have reached age 35. If you don t designate a beneficiary or your designated beneficiary (or beneficiaries) is no longer eligible under the Plan rules, the Plan pays benefits to your Spouse and then to all minor children (biological and adopted, but not stepchildren) after your Spouse s death. If you designate your Spouse and minor children as your beneficiaries, payments continue for as long as your Spouse lives. When your Spouse dies, if there are still minor children (whom you have designated), benefits will continue to them. Payments to your children are made in equal shares until they reach age 21. If you name a parent or stepparent as your beneficiary, payments stop at his or her death. Amount of Benefit Two formulas are used to calculate your benefit. Your beneficiary will be paid the benefit that pays the most: 0.5% Benefit Service through December 31, 2007 Average Monthly Compensation as of December 31, 2007 or [$4 Benefit Service through December 31, 2007] + [4% Average Monthly Compensation as of December 31, 2007] If your Benefit Service as of December 31, 2007 is less than 15 years, then your benefit formula will be: 0.5% Benefit Service through December 31, 2007 Average Monthly Compensation as of December 31, 2007 or [$4 Benefit Service through December 31, 2007] + [0.27% Benefit Service through December 31, 2007 Average Monthly Compensation as of December 31, 2007] About Your Company- Paid Survivor Benefit If your pension is reduced because of Early or Optional retirement, the same reduction applies to your Company-Paid Survivor Benefit. If your designated survivor (other than a minor child), is more than five years younger than you, your benefit will be reduced to reflect the age difference. This reduction is referred to as the Young Survivor Reduction. September 2018 U.S. Benefits / 22

23 TITLE I DUPONT BENEFITS COMPANY-PAID SURVIVOR BENEFIT EXAMPLES The following examples show how Company-Paid Survivor Benefits are calculated. In each case, the higher of the two benefits is payable. Example 1 Consider Eric Mason, a 45-year-old employee with 21 years of service. His Average Monthly Compensation is $6,500 per month. (As of December 31, 2007, Eric had 10 years of service and his Average Monthly Compensation was $4,500). Eric designated his Spouse and two minor children as his beneficiaries. Eric s wife is the same age as Eric. The Company-Paid Survivor Benefit that Eric s wife would receive at his death as an active employee is calculated as follows: 10 $4, % = $ or (10 $4) + (0.27% 10 $4,500) = $ In this case, the benefit for Eric s wife is $ (the higher amount) per month. This benefit is payable for Eric s wife s lifetime. If Eric s two children are still minors at the death of his wife, each receives $113 per month ($225 divided by 2 = $112.50, rounded up) until reaching age 21. Even though Eric did not have 15 years of service for eligibility purposes on December 31, 2007, he did have 15 years of service when he died as an active employee, so his beneficiaries will receive the Company-Paid Survivor Benefit. Example 2 Consider Betty Elliott, who retired early at age 55 with 25 years of service. As of December 31, 2007, she had 17 years of service and her Average Monthly Compensation was $4,000 per month. The Company-Paid benefit to her beneficiary is figured below: 17 $4, % = $ or (17 $4) + (4% $4,000) = $ The larger amount, $340 per month, must be reduced because Betty retired before she was eligible for an unreduced pension. When Betty retired she was 55 with 25 years of service, so the chart in Early Retirement on page 18 shows that she can receive 75% of her benefit. $ % = $ At Betty s death, $255 per month will be paid to her husband for his life. At his death, the benefit is divided among any designated minor children until those children reach age 21. Alternatively, Betty can designate that the benefit be paid to a parent or stepparent for his or her lifetime, as long as she receives her husband s written consent (see Naming a Survivor on page 21). PRE-RETIREMENT SPOUSE BENEFIT OPTION If you are an FSE, have at least 15 years of service, and die on or before age 50 while an active employee, starting the month following your death your Spouse will receive a lifetime Pre-Retirement Spouse Benefit Option amount which when combined with the Company-Paid Survivor Benefit, will provide 50% of the amount you would have received if you had survived until the first of the month following age 50 and elected to commence your pension benefit at that time in the form of a Pension Benefit with 50% Spouse Benefit Option. If you are an FSE, have at least 15 years of service, and die after age 50 while an active employee, starting the month following your death your Spouse will receive a lifetime Pre-Retirement Spouse Benefit Option amount which when combined with the Company-Paid Survivor Benefit, will provide 50% of the amount you would have received if you had terminated and elected to commence your pension benefit the day before your death in the form of a Pension Benefit with 50% Spouse Benefit Option. if you die after terminating, having met the requirements for a Normal, Early, or Optional pension, but before your Title I pension benefit has begun, starting the month following your death your Spouse will automatically receive a lifetime Pre- Retirement Spouse Benefit Option amount which when combined with the Company-Paid Survivor Benefit, will provide 50% of the amount you would have received if you had elected to commence your pension benefit the day before your death in the form of a Pension Benefit with 50% Spouse Benefit Option. September 2018 U.S. Benefits / 23

24 TITLE I DUPONT BENEFITS If you are married, your Spouse is automatically your beneficiary. If you don t want your Spouse to be your beneficiary, both you and your Spouse must agree to waive this right, in writing. Waiving this right means no benefits will be payable under the Pre-Retirement Spouse Benefit Option to anyone and your Spouse will no longer automatically be your beneficiary for the Company-Paid Survivor Benefit. Instead, you will be able to designate non-spouse beneficiary for the Company-Paid Survivor Benefit, if you choose. See Naming a Survivor on page 21 for more information. PRE-RETIREMENT SPOUSE BENEFIT COVERAGE If you are vested and either die as an active employee with less than 15 years of service, or die after terminating, having not met the requirements for a Normal, Early, or Optional pension, but before your Title I vested benefit has begun, your Spouse will generally receive a survivor benefit under this option. If, when you die, you are eligible to start your pension payments, your Spouse will receive lifetime Pre-Retirement Spouse Benefit Coverage payments equal to 50% of the amount you would have received had you applied for benefits to begin on the day before your death in the form of a Vested Benefit with 50% Spouse Benefit Coverage. The payments to your Spouse will begin the month following your death. If, when you die, you are not eligible to start your pension payments, your Spouse will receive lifetime Pre-Retirement Spouse Benefit Coverage payments equal to 50% of the amount you would have been eligible to receive had you survived until the earliest date you would have become eligible to commence and applied for benefits to begin on such date in the form of a Vested Benefit with 50% Spouse Benefit Coverage. The payments to your Spouse will begin the month you would have earliest become eligible to commence. If you are married, your Spouse is automatically your beneficiary. If you don t want your Spouse to be your beneficiary for the Pre-Retirement Spouse Benefit Coverage, both you and your Spouse must agree to waive this benefit, in writing; and no benefit will be payable to anyone following your death. How Your Benefit Is Paid Once you retire or end employment with the Company or any related company and you meet the age and service requirements for receiving a benefit from the Plan, you can request a payment of your Title I benefit. You must apply to have your pension begin; it is not paid automatically. See Applying to Receive Your Benefits on page 9 for more information. In any case, distribution of your benefits must begin by the later of: your termination of employment, or the first day of April following the calendar year in which you attain age 70½. If you are a 5% owner (as defined by federal tax law), you must begin receiving payments on the first day of April following the calendar year in which you attain age 70½, even if you have not yet terminated employment. When you apply for your pension benefit, you ll choose from the payment options available under Title I. Generally, monthly benefits are paid to you and upon your death, a portion of your monthly benefit continues to be paid to your eligible survivors. The payment options are described here. Depending on your marital status, age, and service when you end your employment with the Company, some of the options described below may not be available to you. Pension Benefit without Spouse Benefit Option This option will pay you a benefit for your lifetime and payments end the month in which you die. This is the normal payment form if you re single, unless you choose a different payment option. Your Choice: Take Your Pension Immediately or Delay You can elect to take your pension immediately or choose to delay the start of payments until sometime in the future. If you delay, other retiree benefits, such as health care and life insurance, may begin immediately. See the Medical Care Assistance Program summary for eligibility rules. The Company s health care contribution toward medical and dental coverage is based on your age and service at your termination of employment. September 2018 U.S. Benefits / 24

25 TITLE I DUPONT BENEFITS In the event of your death, your designated beneficiaries may be eligible for the Company-Paid Survivor Benefit, which provides a monthly benefit to a qualified beneficiary. This survivor benefit is provided at no cost to you. Pension Benefit with Spouse Benefit Option This form of payment provides a monthly benefit to your surviving Spouse upon your death equal to 50% or 75% of the monthly pension you were receiving. The Pension Benefit with 50% Spouse Benefit Option is the normal form of payment for married participants. If you are married, your Spouse is automatically your beneficiary. If you don t want your Spouse to be your beneficiary, both you and your Spouse must agree to waive the right to this benefit, in writing, at the time you elect to begin pension payments. This Option Is Available If You are married and retire with a Normal, Early, or Optional Retirement benefit from the Plan. Under this option, you receive a reduced monthly payment to provide your surviving Spouse with a lifetime monthly payment equal to 50% or 75% of your monthly Title I benefit payment whichever you choose at the time you elect to begin your pension. The survivor payment amount includes payments provided under the Company-Paid Survivor Benefit. The total Spouse benefit is at least equal to the payment amount required by law. If, after you start receiving pension payments, your Spouse dies before you do, no survivor benefits are payable under this option and the reduction applied to your pension to provide a surviving Spouse benefit remains unchanged. You can then designate a Plan-qualified beneficiary for the Company-Paid Survivor Benefit minor children, parent, stepparent, or a new Spouse (if you remarry). If your Spouse dies after you, benefits under this option end but Company-Paid Survivor Benefits continue to your eligible minor children until age 21. The cost for the Spouse Benefit Option is paid for by a reduction to your monthly pension payment. The amount of the reduction is actuarially determined, taking into account your age and the age of your Spouse as of your pension payment start date, the level of benefit elected (50% or 75%), and the Plan s investment-return rate. PENSION BENEFIT WITH SPOUSE BENEFIT OPTION EXAMPLE Consider Barbara Miller, who chose the Pension Benefit with 50% Spouse Benefit Option form of payment when she retired at age 65. Her Title I pension benefit is $2,133 per month, but will be reduced to $2,044 to pay for the 50% survivor benefit to her Spouse. At Barbara s death, her husband receives a lifetime monthly payment of $1,022. This $1,022 payment is made up of a $686 payment under the Company-Paid Survivor Benefit and a $336 payment under the 50% Spouse Benefit Option. Post-Retirement Joint and Survivor Option This is an additional survivor benefit that may be elected in addition to the Company-Paid Survivor Benefit and Spouse Benefit Option. Under this option, you may name anyone to be your beneficiary. You are eligible for this option if at your termination you are at least age 50 and have 25 years of Eligibility Service or you meet the age and service combinations in the table below. Your Age or older 15 or more Your Number of Years of Eligibility Service This Option Is Available If At your termination, you are an FSE at least age 50 and have 25 years of service or if you meet the age and service combinations in the table to the left. You must meet the above age and service requirement or age-plus-service combinations on the date you terminate from employment. Age and service requirements are interpolated for intermediate ages and service amounts. September 2018 U.S. Benefits / 25

26 TITLE I DUPONT BENEFITS Under this option, your designated beneficiary will receive any multiple of 10% (up to 50%) of your monthly benefit payment as long as the sum of all survivor benefits does not exceed your reduced pension. If you choose the Post-Retirement Joint and Survivor Option, your pension will be reduced because payments are expected to be made over two lifetimes (yours and your beneficiary s) instead of just yours. The reduction in your monthly pension is actuarially determined at the time you retire and start to receive pension payments. The amount of the reduction depends on the percentage of your pension you elect to have paid to your beneficiary, the Plan s investment-return rate, and the age of you and your beneficiary. If your beneficiary dies before you, but after you start pension payments, no survivor benefit under this option is paid. However, your own pension continues to reflect the reduction to pay for the option. When you elect to commence pension payments, you will be presented only with the Post-Retirement Joint and Survivor Option coverage levels (up to 50%) that are available to you. Under certain circumstances, you may not be able to elect this option even if you meet the age and service criteria noted. POST-RETIREMENT JOINT AND SURVIVOR OPTION EXAMPLE Consider Frank Warren who began receiving unreduced Plan payments at age 65 and elected a 20% Post-Retirement Joint and Survivor Option in addition to his other survivor benefits payable to his wife: Age at retirement 65 Monthly Title I benefit at age 65 $1,585 Title I investment return rate when benefits begin 5% Post-Retirement Joint and Survivor Option beneficiary percentage elected Age of Frank s wife 62 20% Based on the information above, the cost for lifetime payments equal to 20% of Frank s pension to his wife (age 62) is 7.36%. This means Frank s pension is reduced as follows: $1, % = $116.66; so $1, $ = $1,468.34, rounded up to $1,469. In this case, Frank s reduced monthly pension is $1,469. At his death, Frank s wife receives 20% of his original monthly pension, or $317 per month ($1,585 20%) for her lifetime. This is in addition to the Company-Paid Survivor Benefit and/or Spouse Benefit Option she is eligible to receive. Income Leveling Option If you retire with an Early or Optional pension before reaching age 62, you are eligible under Title I to receive your Plan payments under the Income Leveling Option. This payment option helps cover the gap in your income if you retire before becoming eligible to start your Social Security benefits. Under this option, you receive a higher monthly pension from the Plan until age 62, when you become eligible for a Social Security benefit. Then, once you reach age 62 and Social Security becomes payable, your benefit from the Plan is reduced so that your monthly income will be approximately level, or the same, before and after you begin receiving Social Security benefits. This reduction will be made whether or not you actually apply for Social Security beginning at age 62. If you are considering the This Option Is Available If You retire with an Early or Optional pension and start your Title I benefit before age 62. Income Leveling Option, remember that you must choose the option when pension payments begin; it cannot be elected after the pension payment start date. In addition, once elected, this option may not be revoked. The Income Leveling Option can be elected along with or without the Spouse Benefit Option and/or the Post-Retirement Joint and Survivor Option. September 2018 U.S. Benefits / 26

27 TITLE I DUPONT BENEFITS INCOME LEVELING OPTION EXAMPLE Consider Dave Palmer: Age at retirement 60 Years of service 30 Monthly Title I benefit before Income Leveling Option election $1,889 PSSB calculated at retirement* $985 Monthly Title I benefit at age 60 (with Income Leveling Option) $2,715 Monthly Title I benefit after age 62 (with Income Leveling Option) $1,730 Actual monthly Social Security benefit at age 62* $1,143 * The Primary Social Security Benefit (PSSB) is used as the Social Security benefit for purposes of determining the Income Leveling Option benefit amounts. The PSSB may or may not be the same amount as your actual Social Security benefit. See Primary Social Security Benefit in Terms to Know on page 14 for more information. At retirement, Dave s Title I benefit is $1,889 per month. If he elects the Income Leveling Option, his Title I benefit is adjusted (using his PSSB and a plan factor based on his age and the plan s investment return rate) and his benefit is increased to $2,715 per month. Then at age 62, Dave s Title I benefit automatically drops to $1,730 per month to account for the fact that Dave can now apply for and receive Social Security benefits. His monthly Title I benefit plus his actual Social Security benefit after age 62 is $2,873 ($1,730 + $1,143). Dave must apply for his Social Security benefits at age 62 to receive this full combined benefit. Vested Deferred Benefits If you leave the Company after you became vested in the Plan, but before you are eligible to retire, you are entitled to a Vested Deferred pension. Your benefits may begin at age 65 or earlier, depending on your age and years of service with the Company. See How Your Benefit Is Determined on page 12 to learn more about when you may elect to commence your benefit. You can choose from two payment options: Vested Benefit or Vested Benefit with Spouse Benefit Coverage. The Vested Deferred Benefit Is Available If You left the Company after becoming vested in the Plan, but you did not meet the eligibility requirements for a Normal, Early or Optional Retirement benefit. VESTED BENEFIT Payments end at your death and no survivor benefit is paid to your Spouse. This is the normal form of payment for single participants. If you are married, your Spouse must consent for this payment form in writing. See Naming a Survivor on page 21. VESTED BENEFIT WITH SPOUSE BENEFIT COVERAGE This form of payment provides a monthly benefit to your surviving Spouse upon your death equal to 50% or 75% of the monthly pension you were receiving. This is the normal form of payment for married participants and provides benefits to your Spouse after your death, unless both you and your Spouse waive in writing. If you elected this benefit and die, your Spouse receives monthly payments equal to 50% (or 75% depending on your election) of the amount you were receiving at the time of your death. At your Spouse s death, all payments under this benefit stop. If, after your deferred pension payments begin, your Spouse dies before you do, no survivor benefits are payable under this option and your deferred pension payment is not increased. You pay for this survivor benefit through a reduction in your own monthly pension payment. The amount of the reduction depends on your age and the age of your Spouse at the time payment begins, your choice of the 50% or 75% coverage level, and on the Plan s investment-return rate. September 2018 U.S. Benefits / 27

28 TITLE I DUPONT BENEFITS Lump Sum If you leave the Company or any related company and the current value of your benefit is less than or equal to $5,000, you must take your benefit immediately as either a single, lump-sum cash payment or roll it over to an Individual Retirement Account (IRA) or another eligible plan. If your benefit is over $1,000 but less than or equal to $5,000 and you do not make an election to either take a lump-sum payment or roll it over, your benefit will be rolled over to an IRA selected by the Plan Administrator. This Form of Payment Is Available If You leave the Company and the value of your benefit is equal to or less than $5,000. If your benefit is $1,000 or less and you do not make an election to either take a lump-sum payment or roll it over, your benefit will be sent to you in cash. September 2018 U.S. Benefits / 28

29 Title III Sentinel Benefits SECTION CONTENTS Eligibility and Enrollment Who Is Eligible Transfer to an Affiliated Company How Your Benefit Is Determined Your Service Your Pay Calculating Your Benefit When Your Benefit Is Paid Normal Retirement Early Retirement Late Retirement Incapacity Retirement Separation Retirement Survivor Benefits How Your Benefit Is Paid Single Life Annuity Joint and 50% Survivor Annuity Joint and 75% Survivor Annuity Joint and 100% Survivor Annuity Lump Sum Sentinel Transportation, LLC ceased to be an affiliate of DuPont and withdrew from the Plan, effective July 1, Benefit accruals ceased under Title III after June 30, Eligibility and Enrollment Eligible employees were automatically enrolled in the Plan on the first day of the month following their hire date. Who Is Eligible You were eligible to participate in Title III of the DuPont Pension and Retirement Plan if you were hired or rehired by Sentinel Transportation, LLC or a predecessor employer on or before December 31, 2003 and: you were a regular, full-time employee; or you were a part-time, temporary, or casual employee and completed 1,000 Hours of Service within a 12-month period beginning on your employment commencement date or the anniversary thereof. WHO IS NOT ELIGIBLE You re not eligible to participate in the Plan if: you were hired or rehired by Sentinel on or after January 1, 2004; September 2018 U.S. Benefits / 29

30 TITLE III SENTINEL BENEFITS you did not complete 1,000 Hours of Service within a 12-month period beginning on your employment commencement date or the anniversary thereof; you were covered by a collective bargaining agreement, unless that agreement provided for Plan participation; or you were a leased employee. Transfer to an Affiliated Company If you are an eligible participant in Title III and transfer to a Company that sponsors another Title within the Plan on or after the date specified below, you continue to participate and earn benefits under Title III through the earlier of your termination date or June 30, 2015: Title I (DuPont) January 1, 2012 Title IV (Pioneer) January 1, 2012 Title V (ChemFirst) January 1, 2012 Title VI (Danisco) January 1, 2012 Title VII (Solae) January 1, 2013 Questions About Which Title Covers You? If you have transferred between two or more affiliated companies and don t know which Title within the Plan provides your pension benefit, contact DuPont Connection by calling If your transfer occurred before the dates listed above, there may be different rules in effect for your eligibility for benefits under Title III. Contact DuPont Connection for more information. How Your Benefit Is Determined Your Title III benefit is determined by a formula that considers your Years of Creditable Service, Salary and Primary Social Security Benefit. You stopped earning additional benefits under the Plan after June 30, 2015 when Sentinel Transportation, LLC was spun-off with Chemours. Your Service Two types of service are counted under the Plan: Years of Creditable Service; and Vesting/Eligibility Service. YEARS OF CREDITABLE SERVICE Years of Creditable Service are the years you were a member of the Plan and are used in the formula to determine the amount of your Title III benefit. You receive one Year of Creditable Service for each year you completed at least 2,080 hours of service within a 12-month anniversary period (beginning on the first of the month following the date you became eligible to participate). If you completed at least 1,000 hours of service, but fewer than 2,080 hours of service in a consecutive 12-month anniversary period, you received a partial Year of Creditable Service. If you completed less than 1,000 hours of service, you did not receive a partial Year of Creditable Service unless you terminated employment during the consecutive 12-month anniversary period. A partial year of Creditable Service is determined by the following equation: Number of Hours of Service 2,080 Hours Effective June 1, 1996, you were credited with 190 hours of service for any month in which you worked one or more hours. Before June 1, 1996, you were credited with hours of service for any month in which you worked one or more hours. In all cases, no service is credited for periods beginning after June 30, September 2018 U.S. Benefits / 30

31 TITLE III SENTINEL BENEFITS VESTING/ELIGIBILITY SERVICE Vesting/Eligibility Service is used to determine vesting and eligibility to participate in the Plan, and eligibility for Early or Incapacity retirement. When you are vested in the Plan, your right to a Title III pension benefit can t be taken from you. You became vested on the earliest date you: completed five years of Vesting/Eligibility Service; or reached age 65 while actively employed (prior to July 1, 2015). Before July 1, 1988, you needed ten years of Vesting/Eligibility Service to become vested in the Plan. You earned one year of Vesting/Eligibility Service when you completed 1,000 or more hours of service during a consecutive 12-month period that began on: your employment date; your reemployment date following a one-year break in service; or anniversaries of those dates. If you completed less than 1,000 hours of service during a consecutive 12-month period, you did not receive a partial Year of Vesting/Eligibility Service unless you terminated employment during the consecutive 12-month period. In all cases, no service is credited for periods beginning after June 30, BREAK IN SERVICE A one-year break in service occurred when you were credited with 500 or fewer hours of service during a 12-month anniversary period. If you were on an authorized leave of absence, you earned 190 hours of service per month (effective June 1, 1996) or hours of service per month (before June 1, 1996). After a one-year break in service, your Years of Credited Service became based on an Adjusted Credited Service Date instead of the date you became initially eligible to participate. An authorized leave of absence included: authorized leave Any single, continuous period of leave of absence or disability leave; military service The entire period of any absence from covered service under the Plan while you were performing military service that is subject to reemployment rights, provided you returned to or applied for employment while your reemployment rights were protected by law; family leave; other disability leave; educational leave; or civil leave. If You Were Rehired If you left Sentinel before you were vested and you: Were rehired before January 1, 2004, your prior Vesting/Eligibility Service and Years of Creditable Service may be recognized. Were rehired on or after January 1, 2004, your prior Vesting/Eligibility Service may be recognized, but Creditable Service will not count. You will not re-enter the Plan for the purposes of earning Plan benefits. Left on or after January 1, 1985 and you were rehired before January 1, 2004, your prior service will be recognized for Vesting/Eligibility if you were rehired before you had five consecutive one-year breaks in service. September 2018 U.S. Benefits / 31

32 TITLE III SENTINEL BENEFITS If you left Sentinel after you became vested and were rehired before January 1, 2004, you continued to be fully vested. You re-entered the Plan, retained your prior benefit, and began earning a new and separate retirement benefit based on Creditable Service beginning with your date of reemployment. If you were reemployed and you continued, without a break, as a regular, full-time employee for five complete, consecutive years, your benefit is the greater of: the sum of your previous unpaid benefit earned prior to your reemployment and the benefit earned after reemployment based on service following reemployment; or a single retirement benefit based on the sum of all Creditable Service while a member of the Plan (other than service credited solely as a result of a temporary early retirement incentive program) less the present value of any previously paid lump-sum benefit including refund of contributions and interest you previously received. Your Pay To calculate your benefit, the Plan considers your Pay received from Sentinel, as described below. Pay includes your regular wages and overtime pay, as well as: variable compensation (earned after 1981); and shift differentials and other forms of premium pay. All other types of compensation are generally excluded (except as provided under applicable collective bargaining agreements). Your Pay and Your W2 In most cases, your Pay that is considered under the Plan will not match the taxable wages reported to the IRS on your W2 form. Calculating Your Benefit There are two formulas used for calculating your benefit under the Plan: High-3; and Minimum. Your benefit will be calculated under both formulas, and you will receive the larger benefit. If you earned service under the Plan before January 1, 1971, your benefit will also be calculated using the High-10 formula. For more information about this formula, contact DuPont Connection by calling TERMS TO KNOW HIGH THREE-YEAR AVERAGE COMPENSATION The Plan uses the sum of your highest 36 consecutive months Pay, divided by three. For example, consider Tracy Thomas who is retiring in December of 2020 at age 65 with 25 years of service. Since Tracy s Pay after June 30, 2015 doesn t count toward determining her Title III benefit, it s excluded from her High Three-Year Average Compensation. Her highest 36 consecutive months Pay are: Month Monthly Pay Month Monthly Pay July 2012 $5,500 January 2014 $5,800 August 2012 $5,500 February 2014 $5,800 September 2012 $5,500 March 2014 $5,800 October 2012 $5,500 April 2014 $5,800 November 2012 $5,500 May 2014 $5,800 December 2012 $5,500 June 2014 $5,800 January 2013 $5,650 July 2014 $5,800 February 2013 $5,650 August 2014 $5,800 September 2018 U.S. Benefits / 32

33 TITLE III SENTINEL BENEFITS Month Monthly Pay Month Monthly Pay March 2013 $5,650 September 2014 $5,800 April 2013 $5,650 October 2014 $5,800 May 2013 $5,650 November 2014 $5,800 June 2013 $5,650 December 2014 $5,800 July 2013 $5,650 January 2015 $6,000 August 2013 $5,650 February 2015 $6,000 September 2013 $5,650 March 2015 $6,000 October 2013 $5,650 April 2015 $6,000 November 2013 $5,650 May 2015 $6,000 December 2013 $5,650 June 2015 $6,000 Her High Three-Year Average Compensation is calculated as follows: Step 1: Step 2: [6 months $5,500] + [12 months $5,650] + [12 months $5,800] + [6 months $6,000] = $206,400 $206,400 3 = $68, PRIMARY SOCIAL SECURITY BENEFIT (PSSB) Your Primary Social Security Benefit (PSSB) is used to calculate your benefit and is an estimate of the monthly amount payable to you from Social Security at the later of your full Social Security retirement age or your age when you terminate employment. It is calculated under the Social Security law in effect on the 1 st of the month following your termination of employment and is based on your earnings with the Company through the earlier of your termination or June 30, 2015 and an estimate of your earnings prior to being employed by the Company (based on a projection of the first complete year of your Company earnings backwards to your age 22 using the percentage changes in the national average wage base). This calculation does not change or in any way impact the Social Security benefit you actually receive from the government. Once your benefit is determined at termination, or June 30, 2015 (if earlier), any future increases in Social Security will not change your benefit. HIGH-3 FORMULA The High-3 formula is calculated as follows: [1.6% Annual Rate (monthly equivalent is ) (High Three-Year Average Compensation)] [Years of Creditable Service] Minus [1.5% Primary Social Security Benefit Years of Creditable Service, but not more than 50% x PSSB] MINIMUM FORMULA The Minimum formula is calculated as follows: ($144 Years of Recognition Service*) Minus (The benefit you would have accrued under the High-3 or High-10 formula (whichever is greater) for any period of service during which you were eligible for membership but did not participate in the Plan) * Recognition Service is, in most cases, the same as Creditable Service unless a break in service occurred. September 2018 U.S. Benefits / 33

34 TITLE III SENTINEL BENEFITS RETIREMENT BENEFIT EXAMPLE Consider Carl Stapleton who retires on December 31, 2014: Age at retirement 65 Years of Creditable Service 25 High-3 Average Annual Compensation $51,000 In Carl s case, his High-3 Formula benefit would be calculated as follows: High-3 Year Average Salary $ 51,000 Monthly equivalent of 1.6% Years of Creditable Service 25 Benefit before Social Security offset $1, Monthly Primary Social Security Benefit $1, $20.00 Years of Creditable Service 25 Social Security offset* $ Benefit before Social Security offset $1, Social Security offset Monthly Pension Amount $1, * The offset will never exceed 50 percent of the Primary Social Security Benefit. When Your Benefit Is Paid Once eligible, you can choose when you want to begin receiving your pension benefit. Your benefit will vary depending on how long you worked and at what age your Title III benefits begin. Normal Retirement You were eligible for a Normal Retirement benefit under the Plan if you left employment with Sentinel on or after reaching age 65 but prior to July 1, See How Your Benefit Is Paid on page 36 for more information about your payment options. Early Retirement You are eligible for a reduced Early Retirement benefit if you were at least age 50 and had at least ten years of Vesting/Eligibility Service as of the earlier of the date your employment with Sentinel ended or June 30, Your Early Retirement benefit is reduced based on your age when your payment starts and whether Schedule I or Schedule II applies: Schedule I applies to all High-3 Formula and Minimum Formula amounts and to High-10 Formula amounts accrued on or after January 1, 1971 (see Calculating Your Benefit on page 32 for more information); or Schedule II applies only to High-10 Formula benefits accrued before January 1, 1971 (see Calculating Your Benefit on page 32 for more information). September 2018 U.S. Benefits / 34

35 TITLE III SENTINEL BENEFITS EARLY RETIREMENT FACTORS Age When Payment Starts Schedule I The Percentage of Your Benefit That Will Be Paid % 100% % 100% % 100% % 100% % 97% % 94% 59 96% 91% 58 92% 88% 57 88% 85% 56 83% 82% 55 78% 79% 54 73% 76% 53 68% 73% 52 63% 70% 51 58% 67% 50 53% 64% Schedule II The Percentage of Your Benefit That Will Be Paid The Early Retirement factors used in the retirement calculations are based on your age expressed in years and months. Therefore, the factor for any age that is not a whole year will be interpolated from the factors above. For example, if you are age 55 and 6 months, the factor is 80.5% under both Schedule I and Schedule II. Late Retirement If you continued working after reaching age 65, benefit payments are postponed until you actually retire, but will be calculated using the same formula that s used for Normal Retirement. You continued to accrue additional benefits under the Plan through the earlier of the date your employment with Sentinel ended or June 30, Incapacity Retirement Incapacity Retirement is no longer available if you became disabled on or after July 1, Separation Retirement You re eligible for a separation retirement if you: had five years of Vesting/Eligibility Service as of the earlier of the date your employment with Sentinel ended or June 30, 2015.; and left employment with Sentinel (or a predecessor employer) on or after July 1, 1988 (for reasons other than Normal, Early, or Incapacity Retirement or death). If you qualify for a Separation Retirement, you can elect to have your payments start on the first day of any month after age 50; however, a Separation Retirement benefit is less than an Early Retirement benefit. If you elect to defer payment of your pension benefit until age 65, your benefit will be unreduced. If you elect to begin receiving your pension benefit before age 65, your benefit will be reduced actuarially, instead of reduced using the subsidized Early Retirement Factors (see Early Retirement on page 34). September 2018 U.S. Benefits / 35

36 TITLE III SENTINEL BENEFITS Survivor Benefits If you are a Plan participant on or after August 23, 1984, vested, and die before beginning your benefit, your Spouse is eligible for a Pre-Retirement Surviving Spouse Annuity (PRSSA). If you die on or before age 50, your Spouse will receive a benefit equal to 50% of the amount you would have received had you survived until the first of the month following age 50 and elected to commence your benefit at that time in the form of a Joint and 50% Survivor Annuity with your Spouse as your survivor. PRSSA payments to your Spouse will be effective on the first day of the calendar month after the date on which you would have reached age 50 (see How Your Benefit Is Paid on page 36). If you die after age 50, your Spouse will receive a benefit equal to 50% of the amount you would have received had you commenced your benefit on the first of the month preceding your death having elected to receive your benefit in the form of a Joint and 50% Survivor Annuity with your Spouse as your survivor. PRSSA payments to your Spouse will be effective the first of the month following your death (see How Your Benefit Is Paid on page 36). If you re married, your Spouse will automatically receive your survivor benefit. If you don t want to provide survivor benefits for your Spouse under the Plan, both you and your Spouse must agree to waive this benefit, in writing. You can get a waiver from DuPont Connection by calling or visiting Your Spouse s signature on the waiver form must be witnessed by a notary public. If your Spouse can t be located, or if you re legally separated pursuant to a court order, contact DuPont Connection to get a Missing Spouse Affidavit. If your circumstances change, such as marriage or divorce, you may wish to change your beneficiary. Remember to keep your beneficiary information up to date. How Your Benefit Is Paid Once you meet the age and service requirements for receiving a benefit from the Plan, you can request a payment of your Title III benefit. You must apply to have your pension begin; it is not paid automatically. See Applying to Receive Your Benefits on page 9 for more information. In any case, distribution of your benefits must begin by the later of: your termination of employment (or June 30, 2015 if earlier), or the first day of April following the calendar year in which you attain age 70½. Survivor Benefits After Plan Payments Begin If you die after your monthly payments from the Plan have begun, the benefit available to your surviving Spouse will depend on the form of payment you chose. See How Your Benefit Is Paid on page 36. When you apply for your pension benefit, you will choose from the payment options available under Title III. Those payment options are described here. Keep in mind that your monthly benefit will be smaller for payment options that are likely to be paid over longer periods of time. Single Life Annuity This option pays a monthly benefit to you for the rest of your life. Payments end at your death and no survivor benefit is paid to your Spouse or beneficiary. This is the normal form of payment for a single participant, but is also available as an option if you are married. If you are married, your Spouse must consent for this payment form in writing, and the consent must be notarized. Joint and 50% Survivor Annuity This is the normal form of payment if you are married. This option pays you a reduced monthly benefit for life, based on your age and your Spouse s age when payments begin. When you die, a benefit equal to 50% of your reduced monthly benefit is payable to your Spouse for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your Spouse s) instead of just yours. September 2018 U.S. Benefits / 36

37 TITLE III SENTINEL BENEFITS If you are married, you can elect a different form of payment or name someone other than your Spouse as your beneficiary. Your Spouse must consent in writing (consent must be notarized) to your election of another payment option or another beneficiary. If your named beneficiary dies before you, the reduced payment you had been receiving will continue during your lifetime. There will be no survivor benefit payable after your death. Joint and 75% Survivor Annuity This option pays you a reduced monthly benefit for life, based on your age and your named beneficiary s age when payments begin. When you die, a benefit equal to 75% of your reduced monthly benefit is payable to your named beneficiary for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your named beneficiary s) instead of just yours. If your named beneficiary dies before you, the reduced payment you had been receiving will continue during your lifetime. There will be no survivor benefit payable after your death. Joint and 100% Survivor Annuity This option pays you a reduced monthly benefit for life, based on your age and your named beneficiary s age when payments begin. When you die, a benefit equal to 100% of your reduced monthly benefit is payable to your named beneficiary for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your named beneficiary s) instead of just yours. If your named beneficiary dies before you, the reduced payment you had been receiving will continue during your lifetime. There will be no survivor benefit payable after your death. Lump Sum This option allows you to receive your pension benefit in a one-time, lump-sum distribution. If you are married, your Spouse must consent to this form of payment in writing and the consent must be notarized. A lump-sum benefit can be paid directly to you or paid in a direct rollover. If you have your lump-sum benefit paid directly to you, 20 percent of the taxable portion will be withheld as required by federal law. You will be responsible for payment of any additional income taxes due. You can avoid the 20 percent withholding if you directly roll over the taxable portion of your benefit to an Individual Retirement Account (IRA), or another eligible retirement plan. If the current value of your benefit is less than or equal to $5,000, you must take your benefit immediately as either a single, lump-sum cash payment or roll it over to an Individual Retirement Account (IRA) or another eligible plan. If your benefit is over $1,000 and less than or equal to $5,000 and you do not make an election to either take a lump-sum payment or roll it over, your benefit will be rolled over to an IRA selected by the Plan Administrator. If your benefit is $1,000 or less and you do not make an election to either take a lump-sum payment or roll it over, your benefit will be sent to you in cash. See the Special Tax Notice Regarding Plan Payments in your retirement kit with an explanation of your rollover rights. September 2018 U.S. Benefits / 37

38 Title IV Pioneer Benefits SECTION CONTENTS Eligibility and Enrollment Who Is Eligible Participating Employers Transfer to an Affiliated Company How Your Benefit Is Determined Your Service Your Earnings Calculating Your Benefit When Your Benefit Is Paid Normal Retirement Early Retirement Deferred Vested Benefit Late Retirement Survivor Benefits How Your Benefit Is Paid Single Life Annuity % Joint and Survivor Annuity % Joint and Survivor Annuity % Joint and Survivor Annuity Life and Period Certain Options Social Security Adjustment Option Lump Sum Eligibility and Enrollment Eligible employees were automatically enrolled in the Plan during the first month or the following month after meeting eligibility requirements. Who Is Eligible You are eligible to participate in the Plan if you were hired or rehired by Pioneer Hi-Bred International, Inc. or a participating employer before January 1, You became eligible to participate once you reached age 21 and completed 1,000 Hours of Service (either in your first 12 months of employment, or in any calendar year following the year in which your employment began). Participating Employers You are eligible to participate in the Plan if you were employed by any of the following employers before January 1, Pioneer Hi-Bred International, Inc. PHI Financial Services, Inc. September 2018 U.S. Benefits / 38

39 TITLE IV PIONEER BENEFITS The Advantage Corporation Pioneer Hi-Bred of Puerto Rico, Inc. Curry Seed Company WHO IS NOT ELIGIBLE You re not eligible to participate in the Plan if: You are classified by Pioneer as a temporary or limited term employee effective January 1, Special rules apply to temporary or limited term employees who were participants in the Plan before January 1, 2012; You were hired on or after January 1, 2012; You were rehired on or after January 1, 2012 (except certain rehired employees who previously participated in the Plan may continue to earn years of service for vesting); You are a director who is not an employee; You are serving as an advisor or a consultant on a retainer basis; You participate in or are eligible to participate in the Pioneer Hi-Bred International, Inc. International Pension Plan; You are a national of a non-u.s. country whose customary place of employment is outside the territorial limits of the U.S.; You are from the U.S. on long term international assignments; You are a leased employee; and You are classified as an independent contractor or consultant (regardless of whether you are subsequently reclassified). Transfer to an Affiliated Company If you are an eligible participant in Title IV and transfer to a Company that sponsors another Title within the Plan on or after date specified below, you continue to participate and earn benefits under Title IV: Title I (DuPont) January 1, 2012 Title III (Sentinel) January 1, 2012 Title V (ChemFirst) January 1, 2012 Title VI (Danisco) January 1, 2012 Title VII (Solae) January 1, 2013 If your transfer occurred before the dates listed above, there may be different rules in effect for your eligibility for benefits under Title IV. Contact DuPont Connection for more information. Questions About Which Title Covers You? If you have transferred between two or more affiliated companies and don t know which Title within the Plan provides your pension benefit, contact DuPont Connection by calling How Your Benefit Is Determined Your Service Three types of service are counted under the Plan: Hours of Service; Credited Service; and Vesting Service. September 2018 U.S. Benefits / 39

40 TITLE IV PIONEER BENEFITS HOURS OF SERVICE When you work at least 1,000 Hours of Service with Pioneer or another participating employer during a calendar year (or during the first 12 months of your employment), you earn one year of Vesting Service. You earn an Hour of Service for each hour you: Work and are entitled to payment; Take paid time off (such as vacation or sick leave); or Take unpaid leave, provided you return to employment after your leave (up to a maximum of 501 hours per any single continuous period where you perform no duties). If you are receiving disability benefits, contact DuPont Connection to find out how your Hours of Service are determined. CREDITED SERVICE Credited Service is used to calculate your Title IV benefit. You receive one year of Credited Service for each calendar year you complete at least 1,000 Hours of Service with Pioneer or another participating employer. Credited Service is used in the calculation of your benefit and in determining the benefits for which you are eligible. No Credited Service is earned for periods beginning after the Benefit Freeze Date. VESTING SERVICE You become vested in the Plan when you have five years of Vesting Service. After you become vested in the Plan, your right to a Title IV pension benefit can t be taken from you. You receive one year of Vesting Service for each calendar year (or during the first 12 months of your employment) in which you complete at least 1,000 Hours of Service. Temporary and limited term employees who became Plan participants before January 1, 2012 will be able continue earning Vesting Service, but will not earn additional Credited Service after December 31, A temporary employee is one who is designated as such by Pioneer and hired for a short-term assignment. A limited term employee is one who is designated as such by Pioneer and hired for a short-term assignment. BREAK IN SERVICE Pioneer has service rules to determine how employment interruptions called breaks in service affect your pension. The wording of these rules governs; however, the following highlights provide a general understanding of how they work. You don t have a break in service for periods when you re away from work for: Excused absences; Occupational or non-occupational disability; Vacation; Approved leave for temporary duties outside the Company; Annual training with the Reserve forces or National Guard; Active military service and training as required by applicable law; or Leave of absence with full or partial pay. Certain rules apply to other service breaks: If you completed more than 500 hours, but less than 1,000 during a calendar year, you will not lose any prior Credited Service or Vesting Service; If you were rehired after January 1, 2012, you will not earn additional service under the Plan; If you were not vested and left the Company between January 1, 1976 and December 31, 1984 and you were rehired, your prior service will be reinstated as long as the number of years you were gone is less than your number of years of prior service; September 2018 U.S. Benefits / 40

41 TITLE IV PIONEER BENEFITS If you were not vested and left the Company after January 1, 1985 and you had at least one year of service, your prior service will be reinstated as long as you did not incur five consecutive one-year breaks in service prior to your return. If You Were Rehired If you left Pioneer or a participating employer and were rehired before January 1, 2012, you once again became a participant in the Plan and began earning additional Credited Service and Vesting Service for benefit purposes. When you terminate employment, your benefit will be based on your entire service with the Company. If you had begun receiving Title IV benefit payments prior to your rehire, your pension payments may be suspended. See If You Are Rehired After Plan Payments Start on page 7 for more information. If you leave Pioneer or a participating employer and are later rehired on or after January 1, 2012, you will not become a Plan participant again and you will not earn additional service or benefits under the Plan. When you subsequently retire or terminate employment, your right to a pension and the amount of your pension is determined based only on your service prior to rehire. If you had begun receiving a Plan benefit prior to your rehire, your pension payments may be suspended as noted in If You Are Rehired After Plan Payments Start on page 7. Your Earnings To calculate your benefit, the Plan considers your Earnings, which is the total compensation you receive from Pioneer or another participating employer. Earnings under the Plan are limited to $275,000 (for 2018, this is an IRS limit that is adjusted from time to time for cost-of-living). Earnings includes your regular wages and overtime pay, as well as: Salary reduction contributions to a 401(k) plan sponsored by Pioneer or any of its affiliates; Pre-tax contributions for medical, dental, life insurance, and similar benefits; and Your Earnings and Your W2 In most cases, your Earnings that are considered under the Plan will not match the taxable wages reported to the IRS on your W2 form. Bonuses, which only includes incentive payments like Annual Reward Program (ARP), Sales Incentive, Short-Term Incentive Plan (STIP) and/or Profit Sharing, in the plan year the amount is paid. Certain types of pay are excluded from Earnings, such as: Extraordinary and non-recurring payments; Relocation payments, mobility premiums, cost-of-living payments, hardship allowances, relocation bonuses, and mortgage interest differential payments; Reimbursement of expenses such as educational expenses and mileage reimbursements; Severance pay; Non-cash compensation (including any equity award under a stock-based compensation plan maintained by Pioneer or an affiliated company); Earnings received under the Long Term Disability Plan for disabilities that begin on or after January 1, 2015; Earnings in excess of legally restricted amounts; and Earnings paid for service rendered after the Benefit Freeze Date (November 30, 2018). Calculating Your Benefit Your benefit at retirement will be calculated using the Title IV provisions described in this section. September 2018 U.S. Benefits / 41

42 TITLE IV PIONEER BENEFITS TERMS TO KNOW FINAL AVERAGE EARNINGS (FAE) The average of your 60 highest consecutive months of Earnings during your last 120 months of Credited Service prior to the earlier of your termination of employment or the Benefit Freeze Date. These Earnings are annualized and then divided by 12 to arrive at a monthly rate. The Plan has special rules for determining your FAE for any partial year of Credited Service or if you are paid in a currency other than U.S. dollars. INTEGRATION LEVEL The point at which the calculation for Earnings changes from 1.1% to 1.47% (.55% to.735% for benefits earned after December 31, 2011). For 2018, the Earnings at which the Integration Level changes is $91,034. The Integration Level will not increase after the Benefit Freeze Date. BENEFIT FORMULA Benefits are available to you if you are vested in the Plan. If you terminate employment after January 1, 2012, your Title IV benefit is calculated as follows: [(A+B+C) Credited Service through December 31, 2011 Credited Service Projected to Normal Retirement Date] Plus [(D+E+F) Credited Service from January 1, 2012 through the Benefit Freeze Date Credited Service Projected to Normal Retirement Date] If You Retire After January 1, 2012 This Benefit Formula will be used to calculate your Title IV benefit. If you terminated employment before this date, see Alternative Benefit Formulas on page 43 to learn how your pension benefit was calculated. Where Equals A 1.10% FAE up to Integration Level Credited Service Projected to Normal Retirement Date, up to 35 B 1.47% FAE in excess of Integration Level Credited Service Projected to Normal Retirement Date, up to 35 C 1% FAE Credited Service Projected to Normal Retirement Date, in excess of 35 D 0.55% FAE up to Integration Level Credited Service Projected to Normal Retirement Date, up to 35 E 0.735% FAE in excess of Integration Level Credited Service Projected to Normal Retirement Date, up to 35 F 0.5% FAE Credited Service Projected to Normal Retirement Date, in excess of 35 RETIREMENT BENEFIT EXAMPLE Consider Jim Reynold: Retirement date December 31, 2020 Age at retirement 65 Credited Service through December 31, Credited Service from January 1, 2012 through Benefit Freeze Date 7 Years of Credited Service before the Benefit Freeze Date 34 Credited Service Projected to Normal Retirement Date 36 Final Average Earnings (FAE) through November 30, 2018 $95,000 Integration Level $91,034 September 2018 U.S. Benefits / 42

43 TITLE IV PIONEER BENEFITS In Jim s case, each element of his benefit will be calculated as follows: For This Element Jim s Benefit Is Calculated A 1.10% $91, = $35, B 1.47% $3, = $2, C 1% $95,000 1 = $ D 0.55% $91, = $17, E 0.735% $3, = $1, F 0.5% $95,000 1 = $ [(A+B+C) Credited Service through December 31, 2011 Credited Service Projected to Normal Retirement Date] Plus [(D+E+F) Credited Service from January 1, 2012 through the Benefit Freeze Date Credited Service Projected to Normal Retirement Date] = Annual Pension [($35, $2, $950.00) 27 36] + [($17, $1, $475.00) 7 36] = $32, Jim will receive his pension as a monthly payment and will receive $32, or $2, per month. ALTERNATIVE BENEFIT FORMULAS In most cases, benefits are determined using the above formula. However, if your benefit calculated under one of the three alternatives below is greater, you will receive that benefit instead. Alternative 1 If you were a participant in the Plan on December 31, 1988, your accrued benefit is calculated under the Plan formula in effect on that date, using your Final Average Earnings and years of Credited Service through December 31, Alternative 2 Multiply $84 by the number of your years of Credited Service through December 31, 2011 for an annual benefit. Alternative 3 On January 1, 2005, the Plan formula for calculating benefits above the Integration Level was changed. In no event will your retirement income be less than the amount payable using the benefit you accrued through December 31, When Your Benefit Is Paid Once eligible, you can choose when you want to retire and begin receiving your pension benefit. Your benefit will vary depending on how long you work and at what age your Title IV benefits begin. Normal Retirement You are eligible for a Normal Retirement benefit under the Plan at age 65 if you have at least five years of Vesting Service. Early Retirement You are eligible for an Early Retirement benefit if you are at least age 55 and have five years of Vesting Service. The benefit that you would have received at your Normal Retirement Date will be reduced to account for the longer period that you will be receiving payments. September 2018 U.S. Benefits / 43

44 TITLE IV PIONEER BENEFITS Your Early Retirement benefit is calculated under the formula that applies for Normal Retirement benefits, but uses projected years of Credited Service and is reduced to reflect that you will be receiving payments over a longer period of time. The amount of the full benefit you receive is determined under the following table: If Your Age When Benefit Payments Begin Is The Percentage of Your Benefit That You Will Receive if You Have Less than 30 Years of Service Is % 70.00% % 73.00% % 76.00% % 79.00% % 82.00% % 85.00% % 88.00% % 91.00% % 94.00% % 97.00% % 100% The Percentage of Your Benefit that You Will Receive if You Have 30 or More Years of Service Is Your Early Retirement benefit can begin on the first day of the month that you choose, after your employment ends. The Early Retirement percentage for an age that is not a whole year will be interpolated from the factors above. For example, if you are age 55 and 6 months, the factor is 51.65% if you have less than 30 years of service and 71.5% if you have more than 30 years of service. If your employment with Pioneer or another participating employer ends because of a reduction in force (RIF), you may be eligible to begin a reduced benefit as early as age 50. If you are eligible for this benefit, you will be notified and informed of the applicable reduction factor. Deferred Vested Benefit If your employment ends before you qualify for Normal or Early Retirement and you have five or more years of Vesting Service, you will be entitled to a deferred vested benefit starting on the first day of the month after you reach age 65. You can also start a reduced benefit as early as age 55 according to the Early Retirement table shown above. Late Retirement If you continue working after reaching age 65, your benefit payments won t start until you actually retire. At retirement, you will receive your benefit using Credited Service and Earnings at retirement (or the Benefit Freeze Date, if earlier). September 2018 U.S. Benefits / 44

45 TITLE IV PIONEER BENEFITS Survivor Benefits If you are vested in the Plan and die before beginning your benefit, a survivor benefit is available for your Spouse as follows: If you die as an active employee with five years of Vesting Service and are age 55 or older, your Spouse will generally receive a benefit equal to 50% of the benefit you had earned at your death. Your Spouse s survivor benefit will begin on the first of the month following your death, and will continue until your Spouse s death. If your Spouse is more than ten years younger than you, his or her benefit will be adjusted to account for the longer amount of time for benefit payments. If you die as an active employee with five years of Vesting Service or as a terminated employee eligible for a deferred vested benefit and you did not reach age 55, your Spouse will receive a benefit equal to 50% of the amount you would have received had you terminated on the day before your death (if active), survived until you were eligible to commence your benefit, elected to receive a 50% Joint and Survivor Annuity, and died the next day. Your Spouse s survivor benefit will begin on the first of the month following the date you would have reached age 55 and will continue until your Spouse s death. If you die as an active employee and you were active on December 31, 1984 and you meet certain requirements, your Spouse may be eligible for an enhanced survivor benefit. If you die as a terminated employee eligible for a deferred vested benefit and are age 55 or older, you Spouse will receive a benefit equal to 50% of what you would have received if instead of dying you had elected to commence a 50% Joint and Survivor Annuity and then died the next day. Your Spouse s survivor benefit will begin on the first of the month following your death, and will continue until your Spouse s death. If required by a Qualified Domestic Relations Order, your former Spouse may be entitled to be treated as a survivor for purposes of some or all of your death benefits. See Qualified Domestic Relations Orders on page 82. NAMING A SURVIVOR If you re married, your Spouse will automatically receive your survivor benefit. If you don t want to provide survivor benefits for your Spouse under the Plan, both you and your Spouse must agree to waive this benefit, in writing. You can get a waiver from DuPont Connection by calling or visiting Your Spouse s signature on the waiver form must be witnessed by a notary public. If your Spouse can t be located, or if you are legally separated pursuant to a court order, contact the Pioneer Pension Administration Center to get a Missing Spouse Affidavit. If your circumstances change, such as marriage or divorce, you may wish to change your beneficiary. Remember to keep your beneficiary information up to date. How Your Benefit Is Paid Once you ve met the age and service requirements for receiving a benefit from the Plan, you can request a payment at any time, as long as you end your employment with the Company or any related company or retire. You must apply to have your pension begin; it is not paid automatically. See Applying to Receive Your Benefits on page 9 for more information. In any case, distribution of your benefits must begin by the later of: your termination of employment, or the first day of April following the calendar year in which you attain age 70½. Survivor Benefits After Plan Payments Begin If you die after your monthly payments from the Plan have begun, the benefit available to your surviving Spouse or beneficiary will depend on the form of payment you chose. See How Your Benefit Is Paid on page 45. If you are a 5% owner (as defined by federal tax law), you must begin receiving payments on the first day of April following the calendar year in which you attain age 70½, even if you have not yet terminated employment. September 2018 U.S. Benefits / 45

46 TITLE IV PIONEER BENEFITS When you apply for your pension benefit, you will choose from the payment options available under Title IV. Those payment options are described here. Keep in mind that your monthly benefit will be smaller for payment options that are likely to be paid over longer periods of time. Single Life Annuity This option pays a monthly benefit to you for the rest of your life. Payments end at your death and no survivor benefit is paid to your Spouse or beneficiary. This is the normal form of payment for a single participant, but is also available as an option if you are married. If you are married, your Spouse must consent for this payment form in writing and the consent must be notarized. See Naming a Survivor on page % Joint and Survivor Annuity This is the normal form of payment if you are married. This option pays you a reduced monthly benefit for life, based on your age and your Spouse s age when payments begin. When you die, a benefit equal to 50% of your reduced monthly benefit is payable to your Spouse for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your Spouse s) instead of just yours. No person other than your Spouse can receive benefits under this option. If your named beneficiary dies before you, the reduced payment you had been receiving will continue during your lifetime. There will be no survivor benefit payable after your death. 75% Joint and Survivor Annuity This option pays you a reduced monthly benefit for life, based on your age and your Spouse s age when payments begin. When you die, a benefit equal to 75% of your reduced monthly benefit is payable to your Spouse for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your Spouse s) instead of just yours. No person other than your Spouse can receive benefits under this option. If your named beneficiary dies before you, the reduced payment you had been receiving will continue during your lifetime. There will be no survivor benefit payable after your death. 100% Joint and Survivor Annuity This option pays you a reduced monthly benefit for life, based on your age and your Spouse s age when payments begin. When you die, a benefit equal to 100% of your reduced monthly benefit is payable to your Spouse for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your Spouse s) instead of just yours. No person other than your Spouse can receive benefits under this option. If your named beneficiary dies before you, the reduced payment you had been receiving will continue during your lifetime. There will be no survivor benefit payable after your death. Life and Period Certain Options This form of payment provides you with a reduced monthly retirement benefit for your lifetime and guarantees 120 or 180 monthly payments (10 or 15 years). If you die before all payments are made, the remaining monthly payments are paid to your Spouse or designated beneficiary (or beneficiaries). If you die after the end of the certain period (ten years or fifteen years), no continuing payments are made to your Spouse or designated beneficiary (or beneficiaries). If you are married, your Spouse must consent for this payment form in writing and the consent must be notarized. See Naming a Survivor on page 45. September 2018 U.S. Benefits / 46

47 TITLE IV PIONEER BENEFITS Social Security Adjustment Option If you retire before reaching age 62, you may want to consider this form of payment. This payment option helps cover the gap in your income if you retire before becoming eligible for Social Security benefits. Under this option, you receive a higher monthly pension until age 62, when you become eligible for a Social Security benefit. When you reach age 62, your pension is reduced so that the combination of your pension and Social Security benefits are approximately level, or the same, as the pension benefit you were receiving before you began receiving Social Security benefits. This reduction will be made whether or not you actually apply for Social Security beginning at age 62. If you are considering the Social Security Adjustment Option, remember that you must choose the option when pension payments begin; it cannot be elected after the pension payment start date. In addition, once elected, this option may not be revoked. The benefit paid to you after age 62 will be paid for your lifetime and will stop after your death. If you are married, your Spouse must consent for this form of payment in writing. See Naming a Survivor on page 45. SOCIAL SECURITY ADJUSTMENT OPTION EXAMPLE Consider Sally Smith, who has elected the Social Security Adjustment Option: Age at retirement 55 Monthly annuity benefit (Single Life Annuity option) at age 55 $710 Monthly Title IV benefit at age 55 (Social Security Adjustment Option) $1,277 Monthly Title IV benefit after age 62 $134 When Sally retired, she received $1,277 per month from the Plan after electing the Social Security Adjustment Option. At age 62, the Plan benefit drops to $134 per month. Sally applies for Social Security and begins receiving $1,143 per month, keeping her combined pension and Social Security retirement income at $1,277. Sally must apply for her Social Security benefits at age 62 to receive this full combined benefit. LUMP SUM If the current value of your benefit is over $5,000, but not more than $7,500, you can receive your benefit as a one-time, lump-sum distribution. If you are married, your Spouse must consent to this form of payment in writing and the consent must be notarized. You can have your lump-sum payment transferred directly to an Individual Retirement Account (IRA) or another eligible retirement plan as a direct (tax-free) rollover. See the Special Tax Notice Regarding Plan Payments in your retirement kit with an explanation of your rollover rights. If you leave the Company and the current value of your benefit is less than or equal to $5,000, you must take your benefit immediately as either a single, lump-sum cash payment or roll it over to an IRA or another eligible plan as a direct (tax-free) rollover. If your benefit is over $1,000 but less than or equal to $5,000 and you do not make an election to either take a lump-sum payment or roll it over, your benefit will be rolled over to an IRA selected by the Plan Administrator. If your benefit is $1,000 or less and you do not make an election to either take a lump-sum payment or roll it over, your benefit will be sent to you in cash. See Automatic Cashouts Benefits Worth $1,000 or Less on page 7 for more information. September 2018 U.S. Benefits / 47

48 Title V ChemFirst Benefits SECTION CONTENTS Eligibility and Enrollment Who Is Eligible Participating Employers Transfer to an Affiliated Company How Your Benefit Is Determined Your Service Your Earnings Calculating Your Benefit When Your Benefit Is Paid Normal Retirement Early Retirement Late Retirement Other Deferred Retirement Survivor Benefits How Your Benefit Is Paid Normal Form of Payment Optional Forms of Payment Eligibility and Enrollment Eligible employees automatically became participants in the Plan upon completion of six months service. Who Is Eligible You became eligible to participate in the Plan if you were hired or rehired by ChemFirst, Inc., or a participating employer, before December 31, Participating Employers You became eligible to participate in the Plan if you were employed by any of the following employers before January 1, ChemFirst Inc. DuPont Electronic Polymers Inc. Dayton EKC Technologies Inc. September 2018 U.S. Benefits / 48

49 TITLE V CHEMFIRST BENEFITS Transfer to an Affiliated Company If you are an eligible participant in Title V and transfer to a Company that sponsors another Title within the DuPont Pension and Retirement Plan on or after the date specified below, you continue to participate and earn benefits under Title V: Title I (DuPont) January 1, 2009 Title III (Sentinel) January 1, 2012 Title IV (Pioneer) January 1, 2012 Title VI (Danisco) January 1, 2012 Title VII (Solae) January 1, 2013 If your transfer occurred before the dates listed above, there may be different rules in effect for your eligibility for benefits under Title V. Contact the ChemFirst Pension Center for more information. Questions About Which Title Covers You? If you have transferred between two or more affiliated companies and don t know which Title within the Plan provides your pension benefit, contact the ChemFirst Pension Center at Who Is Not Eligible You re not eligible to participate in the Plan if: you are a union employee, unless the applicable collective bargaining agreement provides for participation in the Plan; you are a leased employee; you are a foreign national who is not a U.S. citizen or permanent resident; or you were hired or rehired by ChemFirst or a participating employer after January 1, How Your Benefit Is Determined Your benefits under this Title V are determined in two separate pieces: under the provisions of the former ChemFirst plan, for Credited Service earned before January 1, 2009; and under provisions identical to Title I for Credited Service earned after December 31, For your post-december 31, 2008 benefit, this section of the summary may refer to certain provisions and definitions stated in the Title I section of this summary. September 2018 U.S. Benefits / 49

50 TITLE V CHEMFIRST BENEFITS Your Service Your service determines when you become vested in the Plan and the amount of your benefit at retirement. Two types of service are counted under the Plan: Years of Credited Service; and Years of Vesting. Years of Credited Service In general, you earned one Year of Credited Service for your pre-january 1, 2009 employment for each completed 365 days of employment with ChemFirst or another participating employer. You also received a partial Year of Credited Service for any service of less than 365 days. Under Title V, you earned a credit toward a Year of Credited Service for: active employment the period of time you worked with ChemFirst or another participating employer; Paid Leave Any single, continuous period of paid leave; Authorized Leave Any other absence that qualifies as an authorized leave, up to one year s credit; and Military Service The entire period of any absence from covered service under the Plan while you were performing military service that is subject to reemployment rights, provided you returned to or applied for employment while your reemployment rights were protected by law. You did not earn credit toward a Year of Credited Service under Title V for: service while you were not in an employee classification covered by the Plan; service while you were employed by an affiliated employer which had not adopted the Plan; service for which you were not entitled to compensation; and service after the Benefit Freeze Date. Your Service After December 31, 2008 The Service described here is used for the purpose of determining your pension benefit under the former ChemFirst plan. Your Service with the Company after December 31, 2008 is determined in accordance with the provisions of Title I. See Your Service on page 12 for information about how your Service with the Company is determined for the post 12/31/2008 portion of your pension benefit. Your Credited Service for your employment after December 31, 2008 is based on the definitions for Benefit Service noted for Title I, under Your Service on page 12. Vesting Service You became vested in the Plan after earning five Years of Vesting Service. Once you became vested, your right to a Title V benefit under the Plan can t be taken from you. September 2018 U.S. Benefits / 50

51 TITLE V CHEMFIRST BENEFITS BREAK IN SERVICE RULES ChemFirst has service rules to determine how employment interruptions called breaks in service affect your pension. Please refer to Break in Service in Title I on page 13 for a summary of how a break in service affects your pension. If You Were Rehired If you terminated employment and were later rehired by ChemFirst or a participating employer before January 1, 2009, you once again became a participant in the Plan and began earning additional Credited Service and Vesting Service for benefit purposes under the Plan. If you had begun receiving Title V benefit payments, your pension payments may be suspended. See If You Are Rehired After Plan Payments Start on page 7 for more information. If you terminated employment and were rehired by ChemFirst or a participating employer on or after January 1, 2009, you will not become a Plan participant again and you will not earn additional benefits under the Plan. Your Title V benefit at retirement Questions? If you were rehired by the Company and have questions about your Title V pension benefit, contact the ChemFirst Pension Center at will be based on your service before January 1, And if you had begun receiving a Plan benefit prior to your rehire, your pension payments may be suspended as noted in If You Are Rehired After Plan Payments Start on page 7. Your Earnings To calculate the pre-january 1, 2009 portion of your benefit, the Plan considers the following definition of Earnings. Your Earnings includes your total wages including overtime pay, prior to adjustment for: pre-tax contributions for medical, dental, life insurance, and similar benefits; and elective deferrals you made to a 401(k) plan sponsored by ChemFirst or any of its affiliates. Your Earnings do not include: bonuses (including Short Term Incentive Plan awards, Local Performance Based Compensation, and Sales Incentive awards) expense allowances; commissions; shift differentials; Your Earnings After December 31, 2008 The definition of Earnings described here is used for the purpose of determining the pre-january 1, 2009 portion of your pension benefit under Title V. The definition of Earnings for the post-december 31, 2008 portion of your benefit is shown in Your Pay on page 14. severance pay after January 1, 2011; pay in excess of legally restricted amounts; and pay for services performed after the Benefit Freeze Date (November 30, 2018). Note: this definition of Earnings applies to your Earnings both before and after January 1, 2009 for the determination of the portion of your benefit based on pre-january 1, 2009 Credited Service. To calculate the portion of your benefit based on post-december 31, 2008 Credited Service, the Plan considers Earnings using a definition identical to DuPont Title I; please see Your Pay on page 14 of Title I. September 2018 U.S. Benefits / 51

52 TITLE V CHEMFIRST BENEFITS Calculating Your Benefit The formulas used to calculate your benefit includes your Years of Credited Service and your Earnings. Your pension benefit is calculated and paid in two pieces: Piece 1 is calculated using the provisions described in Title V for your service before January 1, 2009; and Piece 2 is calculated based on Title I provisions for your service after December 31, 2008 through the Benefit Freeze Date. Each of these pieces is calculated separately, based on your Service and Earnings defined under the two Titles. TERMS TO KNOW FINAL AVERAGE MONTHLY COMPENSATION (FAMC) Your average monthly Earnings during your five consecutive highest-paid years, for all years of employment through the earlier of your termination date and the Benefit Freeze Date. AVERAGE MONTHLY COMPENSATION Your average monthly Earnings as defined under the provisions of Title I as the greater of: High 36-Month method the average of your monthly Pay during your highest-paid 36 consecutive months; or High 3-Year method your average Pay for each calendar year is ranked, from highest to lowest, and the highest years (partial years included) that total the equivalent of three complete years are averaged. for all years of employment through the earlier of your termination date and the Benefit Freeze Date Service Before July 1, 1993 If you were previously employed by one of these companies before July 1, 1993, a different benefit formula will be applied to your service with that company: EKC Technologies, Inc. First Chemical Corporation First Miss Steel Quality Chemicals, Inc. Quality Chemicals, Inc. Dayton For more information call the ChemFirst Pension Center at PRIMARY SOCIAL SECURITY BENEFIT (PSSB) Your Primary Social Security Benefit (PSSB) is used to calculate your Formula B benefit and is an estimate of what you are likely to receive from Social Security at the later of age 62 or your age when you terminate employment but uses only your earnings with the Company from January 1, 2009 through the earlier of your termination or the Benefit Freeze Date. While Formula B uses your PSSB to calculate your benefit, this calculation does not change or in any way impact the Social Security benefit you actually receive from the government. In fact, your actual Social Security benefit may be higher if you worked somewhere else prior to joining the Company or if you have significant additional earnings after the Benefit Freeze Date. Once your benefit is determined at retirement, termination, or the Benefit Freeze Date, any future increases in Social Security will not change your benefit. You have the right to supply documentation of your actual earnings from the Social Security Administration within 30 days following the later of the date you leave the Company and the date you received a Statement of Accrued Benefit. Actual benefits calculated or paid by Social Security are not considered by the Plan. Using actual earnings can increase or decrease your PSSB. September 2018 U.S. Benefits / 52

53 TITLE V CHEMFIRST BENEFITS YOUR RETIREMENT BENEFIT FORMULA Your retirement benefit is equal to the sum of your benefit for pre-january 1, 2009 Credited Service plus your benefit for post- December 31, 2008 Credited Service (if applicable). Piece 1 - Your Retirement Benefit for pre-january 1, 2009 Service: (1.4% FAMC not to exceed $600 PLUS 1.8% FAMC in excess of $600) Years of Credited Service through December 31, 2008 Piece 2 - Your Retirement Benefit for post-december 31, 2008 Credited Service (the greater of Formula A or Formula B): Formula A: 0.4% Years of Credited Service from January 1, 2009 through the Benefit Freeze Date Average Monthly Compensation. Formula B: (0.5% Years of Credited Service from January 1, 2009 through the Benefit Freeze Date Average Monthly Compensation) minus (16.67% PSSB Years of Credited Service from January 1, 2009 through the Benefit Freeze Date divided by Total Service through the Benefit Freeze Date). RETIREMENT BENEFIT EXAMPLE Consider Bob Shell, who is retiring at age 65. His benefit will be calculated using the following information about him: Retirement date December 31, 2020 Years of Credited Service at December 31, Years of Credited Service from January 1, 2009 to November 30, Years of Credited Service at November 30, FAMC as of November 30, 2018 $6, Average Monthly Compensation as of November 30, 2018 $7, PSSB as of November 30, 2018 $1, Bob s retirement benefit for Piece 1 is calculated as follows: [(1.4% $600) + (1.8% [$6, $600.00]) 22] = $2, Bob s retirement benefit for Piece 2 is the greater of Formula A or Formula B: Formula A: 0.4% $7, = $ Formula B: [(0.5% $7,916.67) (16.67% $1, )] = $ The larger, Formula B benefit will be used to calculate Bob s total Normal Retirement benefit: Piece 1 + Piece 2 = $2, $ = $2, Bob s retirement benefit is $2, September 2018 U.S. Benefits / 53

54 TITLE V CHEMFIRST BENEFITS When Your Benefit Is Paid Once eligible, you can choose when you want to retire and begin receiving your pension benefit. Your benefit will vary depending on how long you work and at what age your Plan benefits begin. Normal Retirement You are eligible for a Normal Retirement benefit from the Plan if your employment ended at or after age 65 and you completed five years of service. Early Retirement If you retire before your Normal Retirement Date, you can begin benefit payment before age 65. Early Retirement benefits are reduced to account for the earlier payment date and the longer period over which payments will be made. The amount of your Early Retirement reduction depends on your age at retirement and your years of service, as shown in the tables below. You may be eligible to receive an Early Retirement benefit if you retire before your Normal Retirement Date, and: you are at least age 55 and complete 10 years of Service; or you are at least age 50 and complete 15 years of Service. The two pieces of your Early Retirement benefit are calculated separately and are reduced for early commencement as shown in the following table: Age When Benefit Payments Begin Piece 1: Early Retirement Reduction Factors The Percentage of Benefit that Will Be Paid Service Years < % % % 64 N/A % % 63 N/A % % 62 N/A % % 61 N/A % % 60 N/A % % 59 N/A % % 58 N/A % % 57 N/A % % 56 N/A % % 55 N/A % % 54 N/A N/A % 53 N/A N/A % 52 N/A N/A % 51 N/A N/A % 50 N/A N/A % September 2018 U.S. Benefits / 54

55 TITLE V CHEMFIRST BENEFITS Age When Benefit Payments Begin < Piece 2: Early Retirement Reduction Factors The Percentage of Benefit That Will Be Paid % 100% 100% 64 N/A 95% 95% 100% 63 N/A 90% 90% 95% 100% Service Years 62 N/A 85% 85% 90% 95% 100% and over 61 N/A 80% 80% 85% 90% 95% 100% 60 N/A 75% 75% 80% 85% 90% 95% 100% 59 N/A 70% 70% 75% 80% 85% 90% 95% 100% 58 N/A 65% 65% 70% 75% 80% 85% 90% 95% 100% 57 N/A 60% 60% 65% 70% 75% 80% 85% 90% 95% 56 N/A 55% 55% 60% 65% 70% 75% 80% 85% 90% 55 N/A 50% 50% 55% 60% 65% 70% 75% 80% 85% 54 N/A N/A 50% 50% 55% 60% 65% 70% 75% 80% 53 N/A N/A 50% 50% 50% 55% 60% 65% 70% 75% 52 N/A N/A 50% 50% 50% 50% 55% 60% 65% 70% 51 N/A N/A 50% 50% 50% 50% 50% 55% 60% 65% 50 N/A N/A 50% 50% 50% 50% 50% 50% 55% 60% Your Early Retirement monthly benefit for Piece 1 is A B, where: A is your Piece 1 monthly Normal Retirement benefit; and B is the Piece 1 Early Retirement reduction factor that applies to you. If you have service after December 31, 2008, your Piece 2 monthly Early Retirement benefit is (C D) where: C is your Piece 2 monthly Normal Retirement benefit; and D is the Piece 2 Early Retirement reduction factor that applies to you. If your employment ends because of a reduction in force, you may be eligible to begin a reduced benefit as early as age 45. If you re eligible for this benefit, you will be notified about your eligibility and the applicable reduction factor. Your total Early Retirement benefit is the sum of the early Piece 1 benefit and the early Piece 2 benefit. Late Retirement If you continue working after reaching age 65, benefit payments will be postponed until you actually retire, but will be calculated using the same formula that s used for Normal Retirement. Other Deferred Retirement In the event that your employment ends for any reason other than for retirement, disability or death, following your completion of five years of Vesting Service, you will be eligible to receive a monthly pension benefit from the Plan when you reach age 65. September 2018 U.S. Benefits / 55

56 TITLE V CHEMFIRST BENEFITS Survivor Benefits If you die as an active employee, the Normal Retirement benefit you earned up to the date of your death will be used to provide a death benefit payable to your beneficiary. This death benefit will be paid in monthly payments to your beneficiary for as long as he or she lives. If you are no longer employed by the Company and did not start to receive your pension when you die, your surviving Spouse is eligible for survivor benefits based on your Piece 1 and Piece 2 benefits. The lump-sum value of the accrued Piece 1 benefit, plus interest up to the date of your death, will be used to provide a monthly income to your beneficiary for his or her lifetime, with 120 months of guaranteed payments. If you have service after December 31, 2008 and earned a Piece 2 benefit, and you die before your Piece 2 benefits begin, your beneficiary may be eligible for Piece 2 survivor benefits determined in the same manner as under Title I. See Survivor Benefits on page 21 for more information. NAMING A SURVIVOR If you re married, your Spouse will automatically receive your survivor benefit. If you don t want to provide survivor benefits for your Spouse under the Plan, both you and your Spouse must agree to waive this benefit in writing. You can get a waiver from the ChemFirst Pension Center by calling Your Spouse s signature on the waiver form must be witnessed by a notary public. If your Spouse cannot be located, or if you are legally separated pursuant to a court order, contact the ChemFirst Pension Center to get a Missing Spouse Affidavit. If you re not married, your beneficiary (or beneficiaries) will receive your Piece 1 survivor benefit. You must designate your beneficiary with the ChemFirst Pension Center. Piece 2 survivor benefits are only payable to a surviving Spouse. If your circumstances change, such as marriage or divorce, you may wish to change your beneficiary designation for Piece 1 benefits. Remember to keep your beneficiary information up to date. How Your Benefit Is Paid Once you ve met the age and service requirements for receiving a benefit from the Plan, you can request a payment at any time, as long as you end your employment with the Company or a related company or retire. You must apply to have your pension begin; it is not paid automatically. See Applying to Receive Your Benefits on page 9 for more information. In any case, distribution of your benefits must begin by the later of: your termination of employment, or the first day of April following the calendar year in which you attain age 70½. Survivor Benefits After Plan Payments Begin If you die after your monthly payments from the Plan have begun, the benefit available to your surviving Spouse or beneficiary will depend on the form of payment you chose. See How Your Benefit Is Paid on page 56. If you are a 5% owner (as defined by federal tax law), you must begin receiving payments on the first day of April following the calendar year in which you attain age 70½, even if you have not yet terminated employment. When you apply for your pension benefit, you ll choose from the payment options available for your Piece 1 and Piece 2 benefits. This section describes the payment options for benefits associated with the Piece 1 portion of your benefit based on Service before January 1, For payment options associated with the Piece 2 portion of your benefit for service after December 31, 2008, see How Your Benefit Is Paid on page 24 in Title I. Keep in mind that your monthly benefit will be smaller for payment options that are likely to be paid over longer periods of time. September 2018 U.S. Benefits / 56

57 TITLE V CHEMFIRST BENEFITS Normal Form of Payment The normal form of payment for an unmarried participant is the Ten-Year Certain and Life Annuity. This form of payment provides you with a monthly retirement benefit for your lifetime and guarantees 120 monthly payments. If you die before all payments are made, the remaining monthly payments are paid to your Spouse or designated beneficiary (or beneficiaries). If you die after the end of the certain period, no continuing payments are made to your Spouse or designated beneficiary (or beneficiaries). You can change your beneficiary designation after you retire. If you are married, your Spouse must consent to this payment form in writing and the consent must be notarized. The normal form of payment for a married participant is the Joint and 50% Survivor Annuity as described below. Optional Forms of Payment There are several optional forms of payment under the Plan. Single Life Annuity This option pays you a monthly benefit to you for the rest of your life. Payments end at your death and no survivor benefit is paid to your Spouse or beneficiary. If you are married, your Spouse must consent to this payment form in writing and the consent must be notarized. Joint and 50% Survivor Annuity This option pays you a reduced monthly benefit for life, based on your age and your Survivor s age when payments begin. When you die, a benefit equal to 50% of your reduced monthly benefit is payable to your Survivor for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your Survivor s) instead of just yours. For married participants, this is the required form of payment unless your Spouse consents to a different election in writing and the consent is notarized. Joint and 66⅔% Survivor Annuity This option pays you a reduced monthly benefit for life, based on your age and your Survivor s age when payments begin. When you die, a benefit equal to 66⅔% of your reduced monthly benefit is payable to your Survivor for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your Survivor s) instead of just yours. Joint and 75% Survivor Annuity This option pays you a reduced monthly benefit for life, based on your age and your Survivor s age when payments begin. When you die, a benefit equal to 75% of your reduced monthly benefit is payable to your Survivor for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your Survivor s) instead of just yours. September 2018 U.S. Benefits / 57

58 TITLE V CHEMFIRST BENEFITS Lump Sum This option allows you to receive your pension benefit in a one-time, lump-sum distribution. If you are married, your Spouse must consent to this form of payment in writing. You can have your lump-sum payment transferred directly to an individual retirement account (IRA) or another eligible retirement plan as a direct (tax-free) rollover. See the Special Tax Notice Regarding Plan Payments in your retirement kit for an explanation of the potential tax consequences of taking a lump-sum distribution and an explanation of your rollover rights. If you leave the Company and the value of your Piece 1 benefit plus your Piece 2 benefit is greater than $1,000, but less than or equal to $5,000, you must elect to take your benefit immediately as either a single, lump-sum payment or roll it over to an IRA or another eligible plan. If you do not make an election, your benefit will be rolled over to an IRA selected by the Plan Administrator. If your benefit is $1,000 or less, your benefit will be paid to you as a lump-sum payment as soon as administratively practical. You may also elect to receive the value of some or all of your pension benefit as one or more lump sums and/or either a Single Life Annuity, Joint and 50% Survivor Annuity, Joint and 66⅔% Survivor Annuity, Joint and 75% Survivor Annuity, or a 10 Year Certain and Life. Certain rules apply as to how such combinations can be created. If you are interested in such a combination, please contact the ChemFirst Benefits Center. September 2018 U.S. Benefits / 58

59 Title VI Danisco Benefits SECTION CONTENTS Eligibility and Enrollment Who Is Eligible Participating Employers Transfer to an Affiliated Company How Your Benefit Is Determined Your Service Your Compensation Calculating Your Benefit When Your Benefit Is Paid Normal Retirement Early Retirement Late Retirement Survivor Benefits How Your Benefit Is Paid Single Life Annuity % Joint and Survivor Annuity % Joint and Survivor Annuity Lump Sum Eligibility and Enrollment Eligible employees were automatically enrolled in the Plan on the first day of employment. Who Is Eligible You are eligible to participate in the Plan if you are an employee who was hired or rehired by Danisco US, Inc. (Genencor International Inc.) or a participating employer before January 1, Participating Employers If you were employed by any of the following participating employers before January 1, 2012, you may be eligible for a Title VI benefit under the Plan: Danisco US, Inc. (Genencor International Inc.) Danisco USA Inc. Finnsugar Bioproducts, Inc. Genencor International Wisconsin Inc. Agtech Products Inc. September 2018 U.S. Benefits / 59

60 TITLE VI DANISCO BENEFITS WHO IS NOT ELIGIBLE You re not eligible to participate in the Plan if: you are a union employee, unless the applicable collective bargaining agreement provides for participation in the Plan; you are a non-resident alien who does not earn U.S. source income; you are a leased employee; you are an intern, cooperative employee, or on the payroll of a company that does not participate in this Title; you are a foreign national who is not a U.S. citizen or permanent resident; you are an independent contractor or anyone not considered a common law employee (even if subsequently determined to be a common law employee); or you were hired or rehired by Danisco on or after January 1, Transfer to an Affiliated Company If you are an eligible participant in Title VI and transfer to a Company that sponsors another Title within the DuPont Pension and Retirement Plan on or after the date specified below, you continue to participate and earn benefits under Title VI: Title I (DuPont) January 1, 2012 Title III (Sentinel) January 1, 2012 Title IV (Pioneer) January 1, 2012 Title V (ChemFirst) January 1, 2012 Title VII (Solae) January 1, 2013 If your transfer occurred before the dates listed above, there may be different rules in effect for your eligibility for benefits under Title VI. Contact the Danisco Pension Center for more information. Questions About Which Title Covers You? If you have transferred between two or more affiliated companies and don t know which Title within the Plan provides your pension benefit, contact the Danisco Pension Center by calling How Your Benefit Is Determined Your Title VI benefit is determined by a formula that considers your age, years of service, and Compensation. Your Service Two types of service are counted under the Plan: Actual Service; and Vesting Service. ACTUAL SERVICE Actual Service is used to for determining your benefit under the Plan. You receive one year of Actual Service for any year in which you are credited with 2,280 hours of service with the Company. You are credited with 190 hours of service in a month if you are credited with at least one hour of service for that month, regardless of the number of hours actually worked that month. You earn partial Actual Service for any year in which you are credited with less than 2,280 hours. Only service through the end of the plan year of the Benefit Freeze Date is used to calculate Actual Service. Your service with a predecessor employer may count toward your Actual Service. See Actual Service and Vesting Service for Predecessor Employers on page 61. September 2018 U.S. Benefits / 60

61 TITLE VI DANISCO BENEFITS VESTING SERVICE When you become vested in the Plan, your right to a Title VI pension benefit can t be taken from you. If you were employed by Danisco or another participating employer on or after January 1, 2008, you became vested after three Years of Vesting Service. If your employment ended before January 1, 2008, you became vested if you completed five years of Vesting Service prior to your termination. If you left Danisco or another participating employer before January 1, 2008, were not vested, and rehired before January 1, 2012, the three-year vesting schedule applies to you. Your previous years of Vesting Service counts toward earning a vested benefit under the Plan if you did not incur five consecutive one-year breaks in service prior to being reemployed. In addition, you become vested if, while employed with Danisco or a participating employer, you: reach your Normal Retirement Age; become disabled (as defined in the Long-Term Disability Plan) or die. See Survivor Benefits on page 68. Special Vesting Service Rules You earn Vesting Service under the Plan if you: Transfer to an ineligible employment class The period of time you work in a class of employment that is not eligible for Title VI benefits, but you remain employed with Danisco or a participating employer. You receive credit for Vesting Service, but not Actual Service; and Transfer from an ineligible employment class You receive Vesting Service credit for your service with the ineligible and eligible employment class. You do not earn Actual Service for your service with an ineligible employment class; and Incur a break in service If you are vested in the Plan and have a break in service (such as a year in which you do not earn more than 500 hours of service or you leave employment), you receive credit for all Vesting Service earned before the break in service. If you have a break in service and you are not vested, your previous service will be disregarded if the number of consecutive one-year breaks in service when you are rehired exceeds five or the number of your prior years of Vesting Service. Any consecutive five one-year breaks in service results in the forfeiture of previous service counting toward Vesting Service if you re rehired. Actual Service and Vesting Service for Predecessor Employers Your service with a predecessor employer before your employer became a participating employer in Title VI, will not count toward your Actual Service or Vesting Service for Title VI benefits, except as follows: If you were employed by Eastman Kodak Company, Snowmax Technologies, Cultor Ltd., and Genencor, Inc. before January 1, 1995 and you became an employee of Danisco or a participating employer on or before January 1, 1995 because of a corporate transaction, your years of service completed before January 1, 1995 with those employers will be counted as if you were working for Danisco or a participating employer. If you were employed by Royal Gist Brocades N.V. before June 2, 1995 and you became an employee of Danisco or a participating employer on that date because of the corporate transaction, your years of service with that employer completed before June 2, 1995 will be counted as if you had been working for Danisco or a participating employer. If you were employed by Genencor International Indiana, Inc. (formerly known as Solvay Enzymes, Inc.) before July 1, 1996, and became an employee of Danisco or a participating employer on July 1, 1996 because of a corporate transaction, your years of service with that employer completed before July 1, 1996 will be counted as if you were working for Danisco or a participating employer. If you were employed by Enzyme Bio-Systems Ltd., Corn Products International, Inc., any subsidiary of Corn Products International, Inc., or any predecessor of Corn Products International, Inc. or such predecessor s subsidiaries before February 5, 2002, and you were an employee of Enzyme Bio-Systems Ltd. on February 5, 2002 and a participant on April 6, 2002, your years of service with those employers completed before February 5, 2002 will be counted towards Vesting Service as if you were working for Danisco or a participating employer. September 2018 U.S. Benefits / 61

62 TITLE VI DANISCO BENEFITS If you were employed by Danisco USA Inc. or Finnsugar Bioproducts, Inc. and you became a plan participant on January 1, 2007, your years of service with those employers completed before January 1, 2007 will be counted as if you were working for Danisco or a participating employer but based on the records of Danisco USA Inc. or Finnsugar Bioproducts, Inc. as of January 1, If you were employed by Agtech Products, Inc. on October 31, 2008 and you became a plan participant on January 1, 2009, your years of service with that employer completed before January 1, 2009 will be counted towards Vesting Service as if you were working for Danisco or a participating employer but based on the records of Agtech Products, Inc. as of January 1, Your predecessor employer may have separate rules for how Actual Service and Vesting Service is determined and those rules are recognized for Title VI benefit eligibility. Contact the Danisco Pension Center to for more information. BREAK IN SERVICE Danisco has service rules to determine how employment interruptions called breaks in service affect your pension. The wording of these rules governs; however, the following highlights provide a general understanding of how they work. You do not have a break in service for periods when you are away from work for: excused absences; occupational or non-occupational disability; vacation; approved leave for temporary duties outside the Company; annual training with the Reserve forces or National Guard; active military service and training as required by applicable law; or leave of absence with full or partial pay. If you were employed by a predecessor employer, see Actual Service and Vesting Service for Predecessor Employers on page 61 for information about how your service is determined for purposes of earning a Title VI benefit. If You Were Rehired If you terminated employment and were later rehired by Danisco or a participating employer before January 1, 2012 you once again became a participant in the Plan and began earning additional Actual Service and Vesting Service for benefit purposes under the Plan. If you had begun receiving Title VI benefit payments prior to your reemployment, your pension payments may be suspended. See If You Are Rehired After Plan Payments Start on page 7 for more information. If you were rehired by Danisco or a participating employer on or after January 1, 2012, you will not become a Plan participant again and you will not earn additional benefits under the Plan. Your Title VI benefit at retirement will be based on your service before January 1, And if you had begun receiving a Plan benefit prior to your rehire, your pension payments may be suspended as noted in If You Are Rehired After Plan Payments Start on page 7. September 2018 U.S. Benefits / 62

63 TITLE VI DANISCO BENEFITS Your Compensation To calculate your benefit, the Plan considers your Compensation. Your Compensation includes your total wages, certain overtime pay, and: pre-tax contributions for medical, dental, life insurance, and similar benefits; elective deferrals you made to a 401(k) plan sponsored by Danisco or any of its affiliates; pay you received during an excused time off; wages you received during periods of active military duty lasting more than 30 days; and Your Compensation and Your W2 In most cases, your Compensation that is considered under the Plan will not match the taxable wages reported to the IRS on your W2 form. Short Term Incentive Plan (STIP) pay, Local Performance Based Compensation (LPBC), and Sales Incentive pay in the year paid. Your Compensation does not include: awards or payments under special Compensation plans or miscellaneous bonuses; payments for expense reimbursement, severance, relocation, or special payments; payments under a Gain Sharing plan; compensation in excess of legally restricted amounts; and compensation paid after the Benefit Freeze Date (November 30, 2018). Calculating Your Benefit Your benefit at retirement will be calculated using the Title VI provisions described in this section. YOUR RETIREMENT FORMULA Your retirement benefit is calculated using the following five components: Age Points; Service Points; Plan Points; Cumulative Compensation Percentage; and Average Annual Earnings. Title VI Original Plan Effective Date The predecessor Plan to Title VI became effective on January 1, Your service and Compensation earned before this date is not used for calculating some parts of your Title VI benefit. Age Points An Age Point equals your age (plus any fraction of your age) on the last day of the Plan year, December 31. For example: If you were age 45 and six months on December 31, your Age Point would equal Six months is half of one year, so you get half or 50% of one year s credit for the six months. If you were age 47 and two and a half months old on December 31, your Age Point for that year would equal In this case, your two and a half months would be rounded up to equal three months and three months is 25% of one year. Service Points Service Points are your Actual Service years, rounded up to the next full month on the last day of the Plan year, December 31. Example: At the end of the 2017 Plan year (December 31, 2017), you ve been an employee of Danisco since January 1 of 1998 and you were credited with 2,280 Hours of Service each year. In Service Points, you have 20 years, or simply 20. September 2018 U.S. Benefits / 63

64 TITLE VI DANISCO BENEFITS Example: At the end of the 2017 Plan year (December 31, 2017), you ve been an employee of Danisco since January 1, 1995, and you have been credited with 2,280 Hours of Service each year. You worked for Eastman Kodak Company for 10 years before January 1, 1995, and moved to Danisco (then known as Genencor International, Inc.) because of a corporate transaction between Genencor/Danisco and Eastman Kodak Company. If you had been working for Danisco during the years you worked with Eastman Kodak Company, you would have been credited with 10 Years of Actual Service. In Service Points, you have a total of 33 years, or simply 33 (10 with Eastman Kodak plus 23 with Danisco). Service before the Original Effective Date of Title VI of the Plan (January 1, 1998) counts for purposes of calculating Service Points, as does your service with Eastman Kodak Company under these conditions. Plan Points Plan Points combine Age Points and Service Points to determine the Compensation Percentage that will be used to calculate your benefit under the Plan. Consider Sydney Jennings, who is retiring at age 63. His Plan Points will be determined using the following information: Retirement date December 31, 2017 Date of hire January 1, 1990* Date of birth October 1, 1954 Age Points Service Points 28 * Sydney was hired in 1990, before the Plan s effective date of January 1, Service before this date is counted for Service Points and Plan Points. Sydney s Plan Points are calculated as follows: Age Points = Service Points = Plus Plan points are truncated to a whole number, so Sydney s Plan Points are 91 Plan Points are earned for each year of service under the Plan starting with the Plan year beginning January 1, 1998 (or the Plan year in which you become a participant, whichever is later). Sydney s Plan Points are calculated for each year from January 1, 1998 through his retirement date of December 31, 2017, as follows: Year Age Points Service Points Plan Points September 2018 U.S. Benefits / 64

65 TITLE VI DANISCO BENEFITS Year Age Points Service Points Plan Points Cumulative Compensation Percentage The next step is to determine the Compensation Percentage earned for each year. The Compensation Percentage is determined from the Plan Points earned each year. Participants will not earn Compensation Percentages for 2019 or any subsequent years. However, your account value will increase at a rate of 5% per year (based on the account balance as of the end of the prior plan year, and prorated for the final partial years) until the time you elect to begin payments. The following table shows the Compensation Percentage used to determine your Normal Retirement benefit: If Your Plan Points Are: Your Compensation Percentage for Service Up to 12/31/2012 Is: Your Compensation Percentage for Service After 1/1/2013 Through the End of the Year of the Benefit Freeze Date Is: < 40 5% per year 2% per year 0% per year At least 40 and < 50 6% per year 2.4% per year 0% per year At least 50 and < 60 7% per year 2.8% per year 0% per year 60 and over 8% per year 3.2% per year 0% per year Your Compensation Percentage for Service After the Year of the Benefit Freeze Date Is: If you earned partial Actual Service during a Plan year, your Compensation Percentage will be reduced for that Plan year: Example: You are credited with ½ a Year of Credited Service in plan year Your Plan Points for that plan year total 55.45, so you would ordinarily receive a 7% Compensation Percentage. However, because you only received credit for half of a Year of Credited Service, that 7% is multiplied by ½, for an actual Compensation Percentage of 3.5%. If you earned half of a Year of Credited Service in 2014, then 2.8% is multiplied by ½ for an actual Compensation Percentage of 1.4%. In Sydney s case, the Cumulative Compensation Percentage (that is, the sum of the annual Compensation Percentages) is 132.0%, as shown below: Year Plan Points Earned Compensation Percentage 1998* 53 7% % % % % % % % September 2018 U.S. Benefits / 65

66 TITLE VI DANISCO BENEFITS Year Plan Points Earned Compensation Percentage % % % % % % % % % % % % * Sydney was hired in 1990, before the Plan s effective date of January 1, Service before this date is counted for Plan Points, which increases the Compensation Percentage. However, no Compensation Percentages will be credited before the Original Effective Date of January 1, Average Annual Earnings Your Average Annual Earnings is your average annual Compensation during your five consecutive highest-paid years during the ten-year period ending with the earlier of (i) the year in which your benefit is determined or (ii) If you completed fewer than five years of Actual Service, your Average Annual Earnings will be the average of the annual Compensation you earned over full years of Actual Service completed. In the case where Compensation earned for a partial year of Actual Service equals or exceeds at least one full year of Compensation, then the partial year Compensation will also be considered as an additional full year of Compensation for the average. For Sydney, the ten years of Compensation before benefit determination are: Year 2008 $35, $37, $40, $43, $48, $55, $60, $65, $70, $75,000 Compensation Sydney s five highest years of Compensation are from with an average Compensation of $65,000. September 2018 U.S. Benefits / 66

67 TITLE VI DANISCO BENEFITS RETIREMENT BENEFIT EXAMPLE Sydney s Normal Retirement benefit includes the following factors: Cumulative Compensation Percentage 132.0% Average Annual Earnings $65,000 The formula for determining Sydney s benefit is: Average Annual Earnings Cumulative Compensation Percentage (%) = Value of Your Pension Benefit $65,000 Average Annual Earnings 132.0% Cumulative Compensation Parentage (%) $85,800 Value of Your Pension Benefit Maintaining the Value of Your Benefit The value of your pension benefit will never be less than the value of your pension benefit as of the end of the prior plan year, increased by 5% annually (prorated for the final partial year), until the time you begin receiving payments. The value of Sydney s pension benefit on December 31, 2017 would be $85,800. When Your Benefit Is Paid Once eligible, you can choose when you want to retire and begin receiving your pension benefit. Your benefit will vary depending on how long you work and at what age your Title VI benefits begin. Normal Retirement You are eligible for a Normal Retirement benefit under the Plan when you reach your Normal Retirement age (age 65). Early Retirement If you re vested in the Plan, you can receive your Title VI benefit earlier than your Normal Retirement age (age 65). The Early Retirement benefit that you receive is calculated in the same way as a Normal Retirement benefit. Your Early Retirement benefit can begin on the first day of the month following the date you leave employment with the Company. If you delay payment, the amount of your benefit will increase 5% each year (prorated for the final partial year) that you wait. Once you start payments, the amount of your benefit will stop increasing. You must start payments no later than age 65. Late Retirement If you continue working after reaching age 65, benefit payments will be postponed until you actually retire and will be determined using Service and Compensation at retirement (or the Benefit Freeze Date, if earlier). September 2018 U.S. Benefits / 67

68 TITLE VI DANISCO BENEFITS Survivor Benefits A survivor benefit is available for your Spouse or beneficiary if you die before your Title VI benefits begin. If you re married and vested in the Plan, your Spouse will receive a monthly benefit equal to a surviving Spouse benefit under the 50% Joint and Survivor Annuity form of payment. Payments can begin on the first month following your death, but no later than your Normal Retirement date. Alternatively, your Spouse may elect a lump-sum payment equal to 50% of the amount that would have been paid to you if you received it at the time of your death. If the value of your benefit is $5,000 or less, your Spouse will receive an immediate distribution. If the value of the benefit is more than $1,000, but less than or equal to $5,000, and if your Spouse does not provide distribution instructions, the amount will be rolled over to an IRA selected by the Plan Administrator. If you re vested in the Plan but not married, your designated beneficiary will receive a lump-sum payment equal to 50% of the amount that would have been paid to you if you received it at the time of your death. If you did not name a beneficiary during your lifetime or none of the beneficiaries you designate is alive at your death, your benefit will be paid in the following order: your children, per stirpes (this means that if one of your children dies before you, that child s share will be paid in equal shares to that child s surviving children); your parents; your parent s children, per stirpes; your estate. If required by a Qualified Domestic Relations Order, your former Spouse may be entitled to be treated as a survivor for purposes of some or all of your death benefits. See Qualified Domestic Relations Orders on page 82. NAMING A SURVIVOR If you re married, your Spouse will automatically receive your survivor benefit. If you don t want to provide survivor benefits for your Spouse under the Plan, both you and your Spouse must agree to waive this benefit, in writing. You can get a waiver from the Danisco IRP Pension Center by calling or visiting Your Spouse s signature on the waiver form must be witnessed by a notary public. If your Spouse can t be located, or if you re legally separated pursuant to a court order, contact the Danisco IRP Pension Center to get a Missing Spouse Affidavit. If your circumstances change, such as marriage or divorce, you may wish to change your survivor. Remember to keep your beneficiary information up to date. How Your Benefit Is Paid Once you ve met the age and service requirements for receiving a benefit from the Plan, you can request a payment at any time, as long as you end your employment with the Company or a related company or retire. You must apply to have your pension begin; it is not paid automatically. See Applying to Receive Your Benefits on page 9 for more information. In any case, distribution of your benefits must begin by the later of: your termination of employment, or the first day of April following the calendar year in which you attain age 70½. Survivor Benefits After Plan Payments Begin If you die after your monthly payments from the Plan have begun, the benefit available to your surviving Spouse or beneficiary will depend on the form of payment you chose. See When Your Benefit Is Paid on page 67. If you are a 5% owner (as defined by federal tax law), you must begin receiving payments on the first day of April following the calendar year in which you attain age 70½, even if you have not yet terminated employment. September 2018 U.S. Benefits / 68

69 TITLE VI DANISCO BENEFITS When you apply for your pension benefit, you ll choose from the payment options available under Title VI. Those payment options are described here. Keep in mind that your monthly benefit will be smaller for payment options that are likely to be paid over longer periods of time. Single Life Annuity This option pays you a monthly benefit to you for the rest of your life. If you elect to receive an Annuity, the value of your pension benefit ($85,800 in the Sydney example) will be converted into an Annuity using actuarial factors set forth in the Plan document. Payments end at your death and no survivor benefit is paid to your Spouse or beneficiary. If you are married, your Spouse must consent for this payment form in writing and the consent must be notarized. For single participants, this is the normal form of payment. 50% Joint and Survivor Annuity This option pays you a reduced monthly benefit for life, based on your age and your Spouse s age when payments begin. When you die, a benefit equal to 50% of your reduced monthly benefit is payable to your Spouse for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your Spouse s) instead of just yours. No person other than your Spouse can receive benefits under this option. For married participants, this is the normal form of payment. If your Spouse dies before you, the reduced payment you had been receiving will continue during your lifetime. There will be no survivor benefit payable after your death. 75% Joint and Survivor Annuity This option pays you a reduced monthly benefit for life, based on your age and your Spouse s age when payments begin. When you die, a benefit equal to 75% of your reduced monthly benefit is payable to your Spouse for his or her lifetime. A Joint and Survivor Annuity pays a smaller monthly benefit to you than you would get under a Single Life Annuity because payments are expected to be made over two lifetimes (yours and your Spouse s) instead of just yours. No person other than your Spouse can receive benefits under this option. If you are married, your Spouse must consent for this payment form in writing and the consent must be notarized. If your Spouse dies before you, the reduced payment you had been receiving will continue during your lifetime. There will be no survivor benefit payable after your death. Lump Sum This option allows you to receive your pension benefit in a one-time, lump-sum distribution. If you are married, your Spouse must consent to this payment form in writing and the consent must be notarized. You can have your lump-sum payment transferred directly to an Individual Retirement Account (IRA) or another eligible retirement plan as a direct (tax-free) rollover. See the Special Tax Notice Regarding Plan Payments in your retirement kit with an explanation of the potential tax consequences of taking a lump-sum distribution and an explanation of your rollover rights. If you leave the Company and the current value of your benefit is less than or equal to $5,000, you must take your benefit immediately as either a single, lump-sum cash payment or roll it over to an IRA or another eligible plan. If your benefit is over $1,000 but less than or equal to $5,000 and you do not make an election to either take a lump-sum payment or roll it over, your benefit will be rolled over to an IRA selected by the Plan Administrator. If your benefit is $1,000 or less and you do not make an election to either take a lump-sum payment or roll it over, your benefit will be sent to you in cash. September 2018 U.S. Benefits / 69

70 Title VII Solae Benefits SECTION CONTENTS Eligibility and Enrollment Who Is Eligible Transfer to an Affiliated Company How Your Benefit Is Determined Your Service Your Earnings Calculating Your Benefit When Your Benefit Is Paid Normal Retirement Early Retirement and Vested Deferred Retirement Late Retirement Survivor Benefits How Your Benefit Is Paid Single Life Annuity Joint and 50% Survivor Annuity Joint and 66⅔% Survivor Annuity Joint and 75% Survivor Annuity Joint and 100% Survivor Annuity Life and Period Certain Options Level Income Option Lump Sum Eligibility and Enrollment Eligible employees were automatically enrolled in the Plan on the first day of employment. Who Is Eligible You re eligible to participate in the Plan if you were hired or rehired before January 1, 2013 by Solae, LLC or a predecessor employer: Protein Technologies International, Inc. (PTI); DuPont Protein Technologies (DPT); or Central Soya. September 2018 U.S. Benefits / 70